Hexcel Takes CFO Changeover in Stride

We’re beginning to wonder if there’s something in the water, as we’ve now seen departures at four of our Watch List firms. The current departure is from Small Cap Watch List member Hexcel Corporation (HXL), which reports:

Hexcel Corporation today announced that Mr. Wayne Pensky will be appointed Senior Vice President and Chief Financial Officer. The current Chief Financial Officer, Mr. Stephen Forsyth has advised that he is leaving the company on April 27, 2007 to join Chemtura Corporation (CEM) as its Executive Vice President and Chief Financial Officer.

Although CFO departures are frequently considered a warning sign, we have noted before that the CFO leaving for another job carries less of a stigma for the company. Furthermore, the new chief appears well qualified:

Mr. Pensky joined Hexcel in July 1993 as Corporate Controller, having previously been a partner in a public accounting firm. In 1998 he was named Vice President, Finance and Controller of Hexcel’s Composites global business unit. In that role he has been responsible for accounting, planning, analysis and control activities of the business in the U.S. and internationally. Since last summer, he has led the process to integrate and consolidate Hexcel’s operational finance & accounting organization. He will relocate from Hexcel’s offices in Dublin, California to the corporate headquarters in Stamford, Connecticut.

Hexcel shares were off modestly on the news.

HXL 1-yr chart