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Honeywell names 34-year company veteran to succeed as CEO

Honeywell announced that its President and COO Vimal Kapur will succeed Darius Adamczyck as CEO on June 1, 2023. Adamczyck became COO in 2016, CEO in 2017 and Chairman in 2018. He will continue to serve as Executive Chairman of Honeywell. Kapur will be appointed to the board of directors, effective March 13. These changes 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," he said. "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," he said. "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 from 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." Kapur was named President and COO in July 2022 and has been leading the creation of new solutions to help customers drive sustainability transformations and grow digital transformation journeys. As the COO, Kapur oversaw the continued integration of Honeywell Accelerator across the organization and furthered its adoption as an operational system for all that the company does. Before he started his role as COO, he served as the President and CEO of PMT, an $11 billion global leader in the development of high-performance products and ideas like low global warming refrigerants, specialty films for healthcare and photovoltaic applications, leading technologies for global refining and petrochemicals industry and process solutions. Before PMT, he served as President and CEO of HBT, a $6 billion global leader in building technology offerings to improve energy performance, air quality and the safety and security of commercial buildings in over ten million buildings across the world. Before he was at HBT, he also held the role of President of Honeywell Process Solutions, successfully leading the business through the oil and gas downturn. Prior to that, he was the VP and GM of the Advanced Solutions line of business, building a foundation to an outcome-driven software business. He has held 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. "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," he said. "I am looking forward to continuing to work with Darius and our board to continue to create value for our shareowners and our customers." Adamczyk has led Honeywell to significantly and consistently outperform peer companies. Under his leadership, market capitalization grew from $88 billion to $145 billion. "Darius has been a truly transformational leader throughout his tenure at Honeywell," Honeywell's Lead Director Scott Davis said. "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." In his new role as Executive Chairman, Adamczyk will focus on supporting customer relationships, business development, enterprise strategic planning, shape the portfolio and global government relations. Honeywell also announced that Doug Wright, President and CEO of HBT, will leave the company to pursue a different opportunity. Billal Hammoud will serve as the new President and CEO of HBT, effective April 1, 2023. Hammoud is currently the President of Honeywell's Smart Energy and Thermal Solutions business.
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