HXL - Why Hexcel Stock Is Down Today
2024-04-10 10:48:14 ET
Aerospace component manufacturer Hexcel (NYSE: HXL) has revealed it's getting a new CEO, initiating a leadership transition that caught investors off guard. The market generally hates surprises, and pushed shares of Hexcel down by 11% at the opening of Wednesday's trading session on the news.
Hexcel manufactures lightweight composite technologies that have become popular in aerospace , transportation, and energy markets. These materials have the strength of metals but are easier to customize, and their lower weights help improve the fuel efficiency of vehicles built with them.
Late Tuesday, Hexcel announced that Thomas C. Gentile III will take over as CEO on May 2. He will succeed Nick Stanage, who has agreed to remain as executive chairman of the board until year's end to assist with the transition.
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Why Hexcel Stock Is Down Today