Hexcel plunges after naming former Spirit AeroSystems boss its new CEO
10/04/2024 18:02
(Updates)
** Shares of carbon fiber tech firm Hexcel Corp HXL.N fall
as much as 13.9% to a more than five-month low of $61.22
** Stock last down ~12%, set for biggest daily
percentage drop since March 2020
** Co said it had appointed former Spirit AeroSystems
SPR.N chief Thomas C. Gentile as new CEO as of May 1 and
reaffirmed its guidance for 2024
** Gentile will succeed Nick Stanage, Hexcel's chairman and
CEO, who worked closely with the board on his desire to retire
at the end of the year, the company said
** Brokerage BofA Global Research downgrades stock to
"underperform" from "neutral" after the appointment, noting the
move "came as a surprise"
** HXL stock down 3.5% YTD
(Reporting by Ozan Ergenay and Deborah Sophia)
((ozan.ergenay@thomsonreuters.com))