Honeywell (HON) Appoints 34-Year Veteran Vimal Kapur as New CEO
Honeywell International HON announced that company veteran and current president and chief operating officer, Vimal Kapur, will succeed Darius Adamczyk as the new chief executive officer ("CEO"), effective Jun 1.
Effective Mar 13, Kapur has also been appointed to HON’s board of directors. He has 34 years of experience working across various business models, industries, regions and business cycles across Honeywell.
Kapur was named the president and chief operating officer of Honeywell last July. As COO, he oversaw the Honeywell Accelerator program, which uses certain frameworks and toolkits to improve end-to-end processes, digital transformation and business outcomes. As CEO, Kapur will focus on “the incorporation of Accelerator and standardization of global business models to enable maximal performance in each business segment."
Honeywell International Inc. Price
Honeywell International Inc. price | Honeywell International Inc. Quote
Meanwhile, Adamczyk became CEO in 2017 and chairman in 2018. He will continue to serve as Honeywell’s executive chairman. Under his leadership, HON’s market capitalization grew from $88 billion to $145 billion, reflecting a 9% CAGR. As executive chairman, Adamczyk will focus on supporting customer relationships, business development, enterprise strategic planning, shaping the portfolio and global government relations.
Honeywell has been benefiting from continued growth in commercial aviation owing to strength in long-cycle businesses. Strong commercial aftermarket demand owing to a recovery in commercial flight hours is aiding HON’s Aerospace segment. However, softness in volumes due to supply-chain constraints, particularly related to the availability of semiconductors, has been a drag on its operations. Weakness in Safety and Productivity Solutions due to lower personal protective equipment and warehouse automation volume is an added concern for the company.
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Honeywell carries a Zacks Rank #3 (Hold).
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