<SEC-DOCUMENT>0001193125-24-089641.txt : 20240408
<SEC-HEADER>0001193125-24-089641.hdr.sgml : 20240408
<ACCEPTANCE-DATETIME>20240408162225
ACCESSION NUMBER:		0001193125-24-089641
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240408
DATE AS OF CHANGE:		20240408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEXCEL CORP /DE/
		CENTRAL INDEX KEY:			0000717605
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				941109521
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08472
		FILM NUMBER:		24829870

	BUSINESS ADDRESS:	
		STREET 1:		TWO STAMFORD PLAZA
		STREET 2:		281 TRESSER BLVD., 16TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		203-969-0666

	MAIL ADDRESS:	
		STREET 1:		TWO STAMFORD PLAZA
		STREET 2:		281 TRESSER BLVD., 16TH FLOOR
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d787526ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule <FONT STYLE="white-space:nowrap">14a-101)</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No.&#8195; ) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&#8194;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT></B> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>HEXCEL CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Commencing on April 8, 2024, Hexcel Corporation made available to stockholders the following
communication in connection with its upcoming Annual Meeting of Stockholders to be held on May 2, 2024. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow Stockholders: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">I am writing to you on behalf of the Board of Directors (the &#147;Board&#148;) of Hexcel Corporation (&#147;Hexcel&#148;) to address an
advisory report issued by the proxy advisory firm Institutional Shareholder Services (&#147;ISS&#148;) on March&nbsp;27, 2024. In its report ISS recommends that stockholders vote against the <FONT STYLE="white-space:nowrap">re-election</FONT> of
Cynthia M. Egnotovich, who serves as chair of our nominating, governance and sustainability committee of the Board (the &#147;Committee&#148;) due to lack of ethnic/racial diversity on the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We respectfully disagree with the ISS recommendation. Our Board is currently 40% gender diverse. Our Board has been racially/ethnically
diverse since 2019. However, ISS has recommended stockholders vote against Ms.&nbsp;Egnotovich because we have not made a firm public commitment to appoint a new racially or ethnically diverse director within a year. The ISS recommendation stems
from the fact that Dr.&nbsp;Marilyn&nbsp;L. Minus, who joined the Board in 2019 as a leading academic expert in carbon fiber technology, will be leaving the Board to become Hexcel&#146;s Chief Technology Officer in April 2024. As a Board, we believe
it is our responsibility to identify and appoint directors who possess the backgrounds, experiences and skillsets that best serve the needs of Hexcel and our stockholders. While we greatly value diversity on our Board, we believe it is one factor
among many that should be considered and balanced when selecting and appointing a new director. We further believe that the Board should be allowed the flexibility to identify and appoint the most highly-qualified candidates to the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We do not believe ISS&#146;s recommendation serves the best interests of Hexcel and our stockholders. Accordingly, we ask for your support by
voting in accordance with the Board&#146;s recommendations on all proposals submitted for your consideration at our 2024 Annual Meeting of Stockholders (the &#147;2024 Annual Meeting&#148;).<B> Specifically, the Board asks that you vote
&#147;FOR&#148; the</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;re-election</FONT></B><B></B><B>&nbsp;of all of our directors in Proposal 1, including Cynthia M. Egnotovich.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>*** </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Our Board Has a
Strong History of Diversity and a Firm Commitment to Continued Progress. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">First, as we have previously disclosed, our Board currently
has a racially/ethnically diverse director and has continuously since Dr.&nbsp;Minus joined the Board in 2019. As previously announced, Dr.&nbsp;Minus is joining our management team as Senior Vice President, Chief Technology Officer effective
April&nbsp;22, 2024, which will result in the Board temporarily ceasing to have racial or ethnic diversity. We are pleased to have secured a Chief Technology Officer successor that is renowned for her expertise in carbon fiber technology
manufacturing and engineering research and, given her experience on the Board, is a proven cultural fit for Hexcel and intimately familiar with our product strategy and technology roadmap. We believe her experience is vital to driving the next steps
of advanced composite innovation and a step change in product transformational efficiency that will continue to differentiate Hexcel in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Second, diversity is ingrained in Hexcel&#146;s culture as illustrated by our Board that has reflected gender diversity for more than two
decades now. The first female director was appointed in 2002. By 2005, two Board members or 20% of the Board were gender diverse. Today, our Board is 40% gender diverse. We expect our commitment to diversity will continue to be reflected in the
composition of our Board. We recruited from diverse slates, which included racially and ethnically diverse candidates, in the selection of the three most recently appointed Hexcel directors and we are committed to continuing this practice for future
candidate selection, which we believe will result in the addition of a racially or ethnically diverse director in the near future. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Our Most Recently Appointed Directors Are Highly-Qualified and Bring to the Board
Critical Skillsets and Expertise. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In January 2024, in anticipation of upcoming director succession, the Board appointed James J.
Cannon and Dr.&nbsp;Patricia Hubbard to the Board after an exhaustive recruitment process. In recruiting for these candidates, the Committee was focused on defense industry experience to support the oversight of Hexcel&#146;s growth strategy in this
market and technical expertise to support the oversight of Hexcel&#146;s product development, given the potential departure of Dr.&nbsp;Minus and Dr.&nbsp;Jeffrey&nbsp;A. Graves. The Committee was also targeting the addition of an active Chief
Executive Officer given the recent retirements of certain members of the Board from active employment. We believe, given the focus on expanding the Board&#146;s skills and experience in these areas, that the selection of Mr.&nbsp;Cannon and
Dr.&nbsp;Hubbard who possess the relevant mix of background and experience was in the best interest of Hexcel&#146;s stockholders. Again, in the selection of Mr.&nbsp;Cannon and Dr.&nbsp;Hubbard for appointment to the Board, the Committee reviewed
and considered racially or ethnically diverse candidates consistent with its commitment to diversity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Ms.&nbsp;Egnotovich Has
Contributed Substantially to the Hexcel Board and Brings Valuable Gender Diversity. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Egnotovich has been a member of the
audit committee since joining our Board, and the chair of the nominating, governance and sustainability committee since 2020. Since joining the Board, she has contributed substantially towards oversight of the execution of Hexcel&#146;s strategy
given her <FONT STYLE="white-space:nowrap">in-depth</FONT> global manufacturing and aerospace industry experience. She has also utilized her significant public company governance experience to improve the Board&#146;s governance function, including
expanding the nominating, governance and sustainability committee&#146;s oversight to include Hexcel&#146;s sustainability strategy, initiatives, policies and disclosures. Furthermore, a vote &#147;AGAINST&#148; Ms.&nbsp;Egnotovich could result in
making our Board less gender diverse. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We appreciate your attention to this supplement and request your support in voting &#147;FOR&#148; <FONT
STYLE="white-space:nowrap">the&nbsp;re-election&nbsp;of</FONT> Ms.&nbsp;Egnotovich. If you have already submitted a vote &#147;AGAINST&#148; Ms.&nbsp;Egnotovich in line with ISS&#146;s recommendations, we ask that you reconsider your vote and
resubmit a &#147;FOR&#148; vote, recognizing our Board&#146;s <FONT STYLE="white-space:nowrap">continuous&nbsp;22-year&nbsp;track</FONT> record of diversity and its commitment to continue recruiting from diverse slates in the selection of all future
director candidates, which we believe will result in the addition of a racially or ethnically diverse director in the near future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank
you for considering our request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jeffrey C.
Campbell </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lead Director </P>
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