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Posted 28 July, 2022

HONEYWELL INTERNATIONAL INC appointed new CEO

CEO Change detected for ticker Nasdaq:HON in a 8-K filed on 28 July, 2022.


  On July 25, 2022, the Board of Directors of Honeywell International Inc. (the "Company") elected Mr. Vimal Kapur, age 56, to the role of President and Chief Operating Officer of the Company, effective as of July 28, 2022. Mr. Kapur will report to Mr. Darius Adamczyk, the Company's Chairman and Chief Executive Officer.  

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Overview of HONEYWELL INTERNATIONAL INC
Business/Consumer Services • Diversified Holding Companies
Honeywell International, Inc. is a software industrial company, which offers industry specific solutions to aerospace and automotive products and services. It specializes in turbochargers control, sensing and security technologies for buildings and homes, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions for homes, business, and transportation. It operates through the following segments: Aerospace, Home and Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company was founded by Albert M. Butz in 1906 and is headquartered in Charlotte, NC.
Market Cap
$131B
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HONEYWELL INTERNATIONAL INC by TradingView
Relevant filing section
ITEM 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On July 25, 2022, the Board of Directors of Honeywell International Inc. (the "Company") elected Mr. Vimal Kapur, age 56, to the role of President and Chief Operating Officer of the Company, effective as of July 28, 2022. Mr. Kapur will report to Mr. Darius Adamczyk, the Company's Chairman and Chief Executive Officer. The President and Chief Executive Officer of each of the Company's strategic business groups will report to Mr. Kapur. Mr. Kapur will continue to be an executive officer of the Company and will continue to serve as the President and Chief Executive Officer of Performance Materials and Technologies ("PMT") until a successor is named. 

Mr. Kapur has served since July 2021 as President and Chief Executive Officer of PMT. Prior to that, Mr. Kapur served as the President and Chief Executive Officer of Honeywell Building Technologies ("HBT") from 2018 to 2021 and as the leader of PMT's Honeywell Process Solutions business ("HPS") from 2014 to 2018. In addition, Mr. Kapur has held several other leadership positions at the Company, including Vice President and General Manager of HPS' Advanced Solutions line of business and Managing Director for Honeywell Automation India Limited (HAIL). 

Pursuant to the terms of an Offer Letter dated July 26, 2022 from the Company to Mr. Kapur (the "Offer Letter"), effective as of the date of his promotion, Mr. Kapur will receive a base salary of $1,000,000 and a target annual incentive compensation opportunity of 125% of base salary. In addition, Mr. Kapur has been granted (i) non-qualified stock options with a grant date value of $700,000, which will vest over four years, (ii) performance stock units with a grant date value of $1,000,000 for the 2022-2024 performance period, and (iii) restricted stock units with a grant date value of $300,000, which will vest over six years. Each of the foregoing awards were granted pursuant to the terms of the 2016 Stock Incentive Plan of Honeywell International Inc. and its Affiliates (the "Stock Plan"). Mr. Kapur will continue to participate in other compensation and benefit plans generally available to the Company's executive officers, as further described in the Company's 2022 proxy statement. 

The foregoing is a summary of certain provisions of the Offer Letter and this summary is qualified in its entirety by reference to the Offer Letter attached as Exhibit 10.1 hereto. 

There are no arrangements or understandings between Mr. Kapur and any other persons pursuant to which he was appointed the Company's President and Chief Operating Officer. There is no family relationship between Mr. Kapur and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. The Company has not entered into any transactions with Mr. Kapur that would require disclosure pursuant to Item 404(a) of Regulation S-K under the Exchange Act.