OSS Capital, citing need for change, nominates three for election to Hexcel board

By Lisa Kerner

Charlotte, N.C., March 28 - Hexcel Corp. investors led by OSS Capital Management LP proposed three independent nominees for election to Hexcel's board of directors, according to an OSS news release.

OSS, with a 5.5% stake in the Stamford, Conn., structural materials company, nominated:

• Edward A. Blechschmidt, former chief executive officer of Novelis, Inc. and of Gentiva Health Services;

• Joachim V. Hirsch, vice president of special projects for Magna International; and

• Timothy D. Leuliette, former co-chairman and co-chief executive officer of Asahi Tec Corp.

In addition, OSS recommends fellow shareholders withhold their votes for the re-election of current Hexcel directors Joel S. Beckman, Lynn Brubaker and David C. Hurley.

The investor cited Hexcel's "continued shortfall in operational performance in relation to its two main competitors" as evidence the company is in need of change.

"In our opinion, the Hexcel board needs new members with operational expertise to help maximize Hexcel's business potential and who will ensure necessary initiatives are undertaken to boost margins and realize enhanced value for stockholders," OSS said in a letter to Hexcel.

OSS said it would initiate a proxy contest after Hexcel agreed to nominate only one of OSS' three nominees to its board of directors, it was reported in February.

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