-- Kapur's Track Record and Operational Expertise Positions
Honeywell for the Next Level of Outperformance Versus Peers
-- Under Adamczyk's Leadership, Honeywell Continued to
Outperform Market and Peers, Growing Market Capitalization from
$88 Billion in 2016 to $145 Billion in 2022, a 9% CAGR
-- Thoughtful Succession Plan Positions Honeywell for Seamless
Leadership Transition
CHARLOTTE, N.C., March 14,
2023 /PRNewswire/ -- Honeywell (NASDAQ: HON)
today announced that Vimal Kapur, President and Chief
Operating Officer, will succeed Darius Adamczyk as Chief
Executive Officer on June 1, 2023. Adamczyk, who became Chief
Operating Officer in 2016, Chief Executive Officer in 2017 and
Chairman in 2018, will continue to serve as Executive Chairman of
Honeywell. Kapur was also appointed to the company's board of
directors effective March 13, 2023.
These moves ensure a seamless leadership transition and position
Honeywell for continued outperformance versus peers.
"Vimal is absolutely the right person to lead our company to the
next level of growth and stellar performance," Adamczyk said.
"Vimal brings 34 years of deep knowledge about our businesses, end
markets and customer needs. His ability to drive our key
sustainability and digitalization strategic initiatives, along with
his advancement of our world class operating system – Honeywell
Accelerator – throughout the organization, gives him an outstanding
platform to drive continued outperformance for our shareowners.
Honeywell's next operational evolution, under Vimal's leadership,
will be the incorporation of Accelerator and standardization of
global business models to enable maximal performance in each
business segment."
"Vimal is also uniquely capable to drive Honeywell's sustainable
innovation and solidify our position to lead in the energy
transition. Now more than ever, our customers need our solutions to
help their businesses be more efficient and more sustainable, and
under Vimal's leadership, Honeywell's sustainability technologies
will help our customers achieve their goals, today and into the
future."
"In his role as COO, Vimal has driven continued operational
execution on our proven value creation framework, all of which is
underpinned by Accelerator. We have also made significant strides
in advancing our digital solutions – both to enhance our own
internal operations and decision-making and in support of our
customers to benefit their digitization transformations. The rigor
of our digital solutions is a real differentiator for Honeywell and
will enable us to achieve consistent and sustained
outperformance."
"Vimal has demonstrated that he can nimbly evolve business
strategies to fit any circumstances – and we have seen that most
dramatically in the challenges of the last few years. He is
technically and analytically strong with a bias for results and
gets the most out of people and processes. In his role as President
and Chief Operating Officer, Vimal has enabled our businesses to
develop new solutions to help our customers drive their
sustainability transformations and accelerate their digital
capability. Vimal has a depth of operating experience that is
unparalleled at Honeywell, having operated across our multiple
business models, industries, regions and business cycles during his
34 years at Honeywell, including leading Performance Materials and
Technologies (PMT) and Honeywell Building Technologies (HBT), and
now in his COO role. He brings a high degree of energy and
excitement about what the future holds -- from our innovation and
breakthrough initiatives to our digitalization rigor and agile
decision-making to our portfolio optimization. Our board and I have
the utmost confidence that Vimal will be an outstanding CEO,
leading our strategic plans and executing with rigor against our
profitable growth plans."
"It is truly an honor to have the opportunity to serve as CEO of
Honeywell under Darius' leadership and the leadership of our world
class board of directors," Kapur said. "I have had the privilege to
work in a variety of businesses and functions over my three decades
with Honeywell. Our high-performance culture and exceptional talent
set Honeywell apart from other companies, and our innovation
inspires me every day by bringing technologies to market that
impact the world in a positive way. Honeywell is playing a major
role in making the world a better place, and I am both proud and
humbled to take on the CEO role of this great company. I am looking
forward to continuing to work with Darius and our board to continue
to create value for our shareowners and our customers."
Kapur, 57, was named President and Chief Operating Officer in
July of 2022, and has been leading the creation of new solutions to
help customers drive their sustainability transformations and
accelerate their digital transformation journeys. As
COO, Kapur has also overseen the continued integration of
Honeywell Accelerator across the organization and furthering its
adoption as an operational system for everything that Honeywell
does. Prior to his role as COO, Vimal served as President and CEO
of PMT, an $11 billion global
leader in the development of high-performance products and
solutions including low global warming refrigerants; specialty
films for healthcare and photovoltaic applications; leading
technologies for the global refining and petrochemicals industry;
and process solutions. Under Kapur's leadership as President and
CEO of PMT, the business drove rapid growth in its sustainability
portfolio including in circularity, energy evolution, environmental
transformation, resiliency and accountability. This included
launching innovative technologies and partnerships with partners in
plastics recycling, introducing large scale renewable energy
storage for wind and solar usage and helping our customers lower
their carbon footprint and improve energy efficiency with our broad
line of low global warming refrigerants.
Prior to leading PMT, Kapur served as President and CEO of HBT,
a $6 billion global leader in
building technology offerings, which improve energy performance,
air quality and the safety and security of commercial buildings in
more than ten million buildings worldwide. Under Kapur's
leadership, the HBT business successfully launched the Healthy
Building portfolio and expanded margins by ~200 basis points over
three years.
Before leading HBT, Kapur also held the role of President of
Honeywell Process Solutions, where he successfully led the business
through the oil and gas downturn. Over a three-year period, Kapur
was able to increase sales by 6%, expand margins by over 400 basis
points and grow cash margins by 860 basis points to over
17%.
Prior to that, Kapur was Vice President and General Manager of
the Advanced Solutions line of business, where he built the
foundation of an outcome-driven software business, successfully
integrating the Matrikon acquisition into
Honeywell. Additionally, he has held several other leadership
positions including Managing Director for Honeywell Automation
India Limited. Kapur graduated from the Thapar Institute of
Engineering in Patiala, India as an electronics engineer with
a specialization in instrumentation.
Adamczyk, 57, was named COO in 2016, CEO in 2017 and Chairman
and CEO in 2018, and has led Honeywell to significantly and
consistently outperform peer companies, the S&P 500 and the
XLI. Under Adamczyk's leadership, from 2016 through 2022,
Honeywell's market capitalization grew from $88
billion to $145 billion, a 9% CAGR. Over that period,
Honeywell's cumulative total shareholder return was 128% versus
109% for the S&P 500 and 100% for the XLI. The company's
annualized dividend rate grew from $2.27 to $4.12,
an increase of 82%, while its share price rose 99% over the same
time frame.
"Darius has been a truly transformational leader throughout his
tenure at Honeywell. He created our industrial software business,
as well as architected and executed our differentiated value
creation framework, including transformational strategies in
digitalization, integrated supply chain, breakthrough innovation,
enhanced SaaS offerings and ESG," said Scott Davis,
Honeywell's Lead Director. "Under Darius' leadership, the strong
portfolio, processes and culture that Darius and his team have put
in place have taken Honeywell's performance standards to a new
level. Our performance has consistently outperformed the markets,
and we are well-positioned for growth acceleration with strong
macro tailwinds in our core end markets and accretive gains from
incremental breakthrough initiatives. Our heritage of innovation in
sustainability solutions is a strength that sets Honeywell
apart."
"We have been extremely pleased with the thoughtful leadership
transition planning and execution undertaken by our board in the
past. We deployed a similar playbook to ensure rigorous planning
and development for this important transition," said Davis. "Our
selection of Vimal to succeed Darius is a tribute to Darius'
success as Chairman and CEO. We wanted to appoint a successor
capable of building on the strong foundation Darius has built,
while taking Honeywell to the next level of out-performance over
the long run. In Vimal, we have a proven leader who can enhance
Honeywell's growth rate and operational excellence and drive
Honeywell to be the leader in industrial software and
sustainability solutions. Darius and Vimal work exceedingly well
together, and we are confident the transition will be seamless. As
Executive Chairman, Darius will continue to play a vital role in
direct engagement with customers, business development
opportunities and leadership development. Vimal has exhibited the
key leadership qualities and operational expertise that will allow
him to thrive as Honeywell's next CEO, and Darius and the Board
will do everything possible to support Vimal's success."
In his role as Executive Chairman, Adamczyk will be focused
primarily on supporting customer relationships, business
development, enterprise strategic planning, shaping the portfolio
and global government relations.
Honeywell also announced today that Doug
Wright, President and CEO of HBT, will leave the company to
pursue another opportunity. Honeywell is pleased to announce the
appointment of Billal Hammoud as
President and CEO of HBT effective April 1,
2023. Hammoud is currently President of Honeywell's Smart
Energy and Thermal Solutions business. Prior to rejoining Honeywell
in 2021, Hammoud was President of ESAB Americas and Global
Fabrication Solutions. Prior to ESAB, Hammoud was Vice President
and General Manager of Honeywell Thermal Solutions. He earned his
Bachelor of Science degree in Mechanical Engineering and MBA from
Wayne State University.
Honeywell (www.honeywell.com) delivers industry-specific
solutions that include aerospace products and services; control
technologies for buildings and industry; and performance materials
globally. Our technologies help aircraft, buildings, manufacturing
plants, supply chains, and workers become more connected to make
our world smarter, safer, and more sustainable. For more news and
information on Honeywell,
please visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E
of the Securities Exchange Act of 1934.
Forward-looking statements are those that address
activities, events or developments that management intends,
expects, projects, believes or anticipates will or may occur in the
future. They are based on management's assumptions and
assessments in light of past experience and trends, current
economic and industry conditions, expected future developments and
other relevant factors. They are not guarantees of future
performance, and actual results, developments and business
decisions may differ significantly from those envisaged by our
forward-looking statements. We do not undertake to update or revise
any of our forward-looking statements, except as required by
applicable securities law. Our forward-looking statements are also
subject to risks and uncertainties, including the impact of the
Russia-Ukraine conflict, that can affect our
performance in both the near- and long-term. In addition, no
assurance can be given that any plan, initiative, projection, goal
commitment, expectation, or prospect set forth in this release can
or will be achieved. Any forward-looking plans described herein are
not final and may be modified or abandoned at any time. We
identify the principal risks and uncertainties that affect our
performance in our Form 10-K and other filings with the Securities
and Exchange Commission.
Contacts:
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Media
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Investor Relations
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Bevin Maguire
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Sean Meakim
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(704) 654-7023
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(704) 627-6200
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Bevin.Maguire@honeywell.com
|
Sean.Meakim@honeywell.com
|
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