Hexcel Corp. is changing its senior management structure while searching for a new chief executive and evaluating its direction. ``Hexcel's financial performance is slightly ahead of plan for the first half of the year,'' which ends July 2, John J. Lee, current chief executive officer, said in a June 21 letter to employees.
The corporate turnaround specialist pointed out, though, that ``much work remains'' to bring financial results for the honeycomb product line ``up to our expectations.''
Lee said Donald J. O'Mara, 57, president and chief operating officer, will leave Hexcel on June 30. Subsequently, six vice presidents will report directly to Lee.
O'Mara joined Hexcel in 1991 and has held his present positions since March 1993, playing a key role in Hexcel's reorganization, Lee said.
Meanwhile, executive recruiter Ward Howell International continues a six-month search for Lee's successor.
``I expect that we will reach some clear direction [on the CEO position] during this summer,'' Lee wrote.
Once a new chief executive officer is selected, Hexcel's board of directors expects to schedule an annual meeting, possibly as early as Nov. 14. Shareholders met last in May 1993.
Structural materials supplier Hexcel reported 1995 first-quarter sales of $85.2 million and a loss of $2.5 million, including bankruptcy reorganization expenses of $2.1 million.
``Cash flow improved substantially,'' and gross margin increased to 17 percent from 15 percent, said security analyst Jeffrey Wiegand with Robotti & Eng in New York.
``I believe aerospace is picking up,'' he said.
Hexcel, based in Pleasanton, Calif., filed Dec. 6, 1993, for protection under Chapter 11 of the U.S. Bankruptcy Code in Oakland, Calif., and emerged from that status Feb. 9.