Hexcel confirms election of its director nominees; OSS candidates receive less than 18% of votes cast

By Lisa Kerner

Charlotte, N.C., May 16 - Hexcel Corp. said IVS Associates, Inc. has certified election results from its annual meeting held May 8.

All ten of the company's nominees were elected, according to a Hexcel news release.

Nine of the 10 directors are independent, the company added.

The results show that more than 78% of Hexcel's outstanding shares of common stock were voted at the meeting.

Hexcel said that its three director nominees facing opposition from OSS Capital Management LP received over 81% of the votes cast, compared with the investor's nominees who received less than 18% of the votes cast.

The other seven elected directors each received more than 99% of all votes cast, the release said.

Hexcel's board is now comprised of David E. Berges, Joel S. Beckman, Lynn Brubaker, Jeffrey C. Campbell, Sandra L. Derickson, W. Kim Foster, Jeffrey A. Graves, David C. Hill, David C. Hurley and David L. Pugh.

In a prior news release, OSS asked shareholders to withhold their votes for the re-election of Beckman, Brubaker and Hurley.

As previously reported, OSS had 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-CEO of Asahi Tec Corp.

Hexcel is a structural materials company based in Stamford, Conn.

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