Hexcel Reaches Agreement With Activist Investor, Appoints Robert Keating to Board
Aerospace materials supplier Hexcel has reached a cooperation agreement with activist investor Engaged Capital, successfully averting a potential proxy fight. As part of the deal, Robert Keating, a partner at Engaged Capital, has been appointed to Hexcel's board of directors. Keating will also serve on the board's Strategic and Finance Committee. The agreement follows a period of pressure from Engaged Capital, which had nominated four candidates for the board citing concerns over the company's performance. Both parties have now publicly committed to working collaboratively to enhance long-term shareholder value.
Official Source: https://aviationweek.com/aerospace/manufacturing-supply-chain/hexcel-strikes-surprise-deal-activist-keating-joins-board
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