- After almost 11 years in the position
- Praise for Stanage
- Tom Gentile taking over
- Stanage spoke at length and said 182 words
(exechange) — Stamford, Connecticut, April 9, 2024 — Nick Stanage, chief executive of Hexcel, leaves his position. As announced by Hexcel Corp. in a news release and in a regulatory filing published on Tuesday, April 9, 2024, Nick L. Stanage leaves his post as chief executive officer at the specialist in lightweight composite technology, after almost 11 years in the role, effective May 1, 2024.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Stanage leaves the company effective December 31, 2024.
Nick Stanage’s duties as CEO will be taken over by Thomas C. (Tom) Gentile, a former Chief Executive Officer at Spirit AeroSystems Holdings, Inc.
The fact that Nick Stanage’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“The right time”
The management change is explained as follows. Stanage stated: “I am confident that this is the right time to transition to a new leader who will continue propelling the business forward and executing against our financial targets.”
Precise information regarding Nick Stanage’s future plans was not immediately available.
“Retire”
Hexcel said: “Hexcel Corporation … announced today that following a comprehensive succession process, its Board of Directors has appointed Thomas C. Gentile III as Chief Executive Officer & President of Hexcel Corporation, effective May 1. He also is expected to be appointed to the Board of Directors following the annual shareholder meeting on May 2. He will succeed Chairman, CEO & President Nick Stanage who worked closely with the Board on his desire to retire at the end of the year. Mr. Stanage will become Executive Chairman of the Board to ensure a smooth and successful transition until his retirement on December 31, 2024.”
Share price increase since April 2021
The announcement follows an increase in Hexcel Corp.’s share price of 27% since April 2021.
In the position of CEO since 2013
Nick Stanage became CEO of the Company in 2013.
Career Highlights
- Chairman (since January 2014), Chief Executive Officer (since August 2013) and President (since November 2009) of the company; previously its Chief Operating Officer (May 2012-August 2013)
- Former President of the Heavy Vehicle Products group at Dana Holding Corporation (2005-2009)
- Prior leadership roles of increasing significance at Honeywell Inc. (formerly Allied Signal) (1986-2005), including Vice President Integrated Supply Chain and Technology for the Consumer Products Group and Vice President and General Manager of the Aerospace Group’s Engine Systems and Accessories Division
Other Current Public Company Directorships
- TriMas Corporation, since November 2013 (compensation committee; governance and nominating committee).
182 words by Nick Stanage
In the release announcing his departure as CEO of Hexcel Corp., Nick Stanage received praise.
In announcing his departure, Nick Stanage spoke at length and said 182 words.
“Sustainable, long-term growth”
Nick Stanage stated: “Today, Hexcel is well positioned with the right strategy, an incredibly talented team and a clear roadmap to continue driving innovation across our differentiated portfolio while delivering sustainable, long-term growth for shareholders. I am confident that this is the right time to transition to a new leader who will continue propelling the business forward and executing against our financial targets. With his significant leadership and aerospace industry experience and composites knowledge, Tom is ideally suited to lead Hexcel into the future. I look forward to working closely with him in my role as Executive Chairman to ensure a seamless transition… I am proud of all that we have accomplished at Hexcel, and I want to thank our One Hexcel team for their phenomenal support and commitment over the last 14 years. It has been an incredible honor to lead the Hexcel team, which is the most talented I have ever known. I am convinced that Tom will now provide great leadership for the next step in the journey and that he will take Hexcel to new heights and a highly successful future.”
The above text is an excerpt from the exechange report 16.2024 ($), publication date April 15, 2024.