Hexcel Corporation saw its shares decline about 4% on Friday after it announced the appointment of James Coogan as Executive Vice President and Chief Financial Officer. The company said Coogan will formally assume the CFO role on May 1, 2026.
Coogan will succeed Mike Lenz, who has been performing the duties of interim Chief Financial Officer. According to the company, Lenz will remain with Hexcel through a transition period and will serve as a Senior Advisor to support the change in finance leadership.
Before accepting the Hexcel position, Coogan most recently held the roles of Executive Vice President and Chief Financial Officer at Axcelis Technologies, a supplier to the semiconductor industry, beginning in September 2023. His earlier career includes a 15-year tenure at Kaman Corporation, during which he occupied a number of senior finance positions, including Senior Vice President and Chief Financial Officer.
Hexcel said Coogan brings more than two decades of experience in finance, accounting and investor relations across multiple industries, with specific exposure to aerospace and defense among others. His professional background also includes an early career at PwC and financial management roles at Ann Taylor Stores Corporation and the Mohegan Tribal Gaming Authority.
On academic credentials, the company reported that Coogan holds an MBA from the Yale School of Management, a Master of Science in Accounting and a Bachelor of Science in Business Administration with a concentration in Accounting from the University of Connecticut.
The announcement and accompanying leadership change coincided with the market reaction that pushed Hexcel shares lower by roughly 4% on the day.
Context and implications
- Hexcel has scheduled Coogan to begin on May 1, 2026, marking a formal handover from interim leadership.
- Mike Lenz will remain involved in an advisory capacity to assist with the transition.
- Coogan's recent role at Axcelis Technologies and his long tenure at Kaman Corporation highlight experience spanning semiconductors and aerospace and defense.