Hexcel Corp. said it has entered into a cooperation agreement with a shareholder, adding former Kaman Corp. CEO Neal J. Keating to its board of directors.
Stamford-based aerospace materials manufacturer Hexcel Corp. said it has entered into a cooperation agreement with shareholder Vision One Fund, adding former Kaman Corp. CEO Neal J. Keating to its board of directors.
The appointment is effective immediately, and Keating will also serve on the company’s audit committee, according to a regulatory filing.
Under the agreement, Hexcel will nominate Keating for election at its 2026 annual shareholder meeting. Vision One agreed to withdraw its own director nominees and support the company’s slate of board candidates.
Cooperation agreements are arrangements companies sometimes reach with large shareholders to resolve governance disputes. They typically involve adding a shareholder-backed nominee to the board while the investor agrees to pause or end efforts to change company leadership through a proxy contest.
Keating previously served as chairman and CEO of Bloomfield-based aerospace manufacturer Kaman Corp. from 2008 to 2020.
Hexcel reported fourth-quarter revenue of $491.3 million, up from $473.8 million a year earlier. Net income for the quarter rose to $46.4 million, compared with $5.8 million in the fourth quarter of 2024.
For the full year, Hexcel reported revenue of $1.894 billion, essentially flat from $1.903 billion in 2024. Net income totaled $109.4 million, down from $132.1 million the prior year.
Hexcel's stock price was trading at $90.98 as of 10:13 Wednesday morning, down about 1%. The company's 52-week range price is between $45.28 and $95.22.
