Honeywell picks a top executive to be new CEO at the manufacturing company
Honeywell said Tuesday it named a company veteran to replace outgoing CEO Darius Adamczyk, effective June 1.
Vimal Kapur, 57, has been with the Charlotte-based electronics manufacturing giant for 34 years in various leadership roles including chief operating officer since July, the company said in a news release. He was appointed to Honeywell’s board of directors on Monday.
Adamczyk, 57, was named COO in 2016, CEO in 2017 and chairman in 2018. He will continue to serve as executive chairman of Honeywell.
“Vimal is absolutely the right person to lead our company to the next level of growth and stellar performance,” Adamczyk said in a statement. “Vimal brings 34 years of deep knowledge about our businesses, end markets and customer needs.”
Kapur will receive a base salary of $1.5 million, according to a Securities and Exchange Commission filing. Kapur also will receive a long-term incentive award of $4.14 million. His long-term incentive award in 2024 will have a target value of $13 million.
Adamczyk as executive board chairman will receive a base salary of $1.275 million with a target annual incentive compensation opportunity of over $1.93 million.
About Honeywell’s new CEO
Prior to Kapur’s role as COO, he served as CEO of Honeywell’s PMT business, an $11 billion global developer of high-performance products and solutions including low global warming refrigerants. And he has served as CEO of Honeywell’s HBT, a $6 billion tech business that works to improve such things as energy performance and air quality.
Before that, Kapur was president of Honeywell Process Solutions and vice president and general manager of the Advanced Solutions line of business, plus 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.
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About Honeywell’s current CEO
During Adamczyk’s leadership from 2016 through 2022, Honeywell’s market capitalization grew from $88 billion to $145 billion.
“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,” Honeywell’s Lead Director Scott Davis said in a statement. “We are well-positioned for growth acceleration.
“We wanted to appoint a successor capable of building on the strong foundation Darius has built,” Davis said.
As executive chairman, Adamczyk will support customer and government relationships, and business development and planning.
Another role change at Honeywell
Honeywell also named Billal Hammoud as CEO of HBT, effective April 1, as Doug Wright is leaving the company.
Hammoud has worked in other roles at Honeywell, including as president of Honeywell’s Smart Energy and Thermal Solutions business since 2021.
About Honeywell
Honeywell makes products ranging from airplane equipment to home security systems.
While it has much of its business in the aerospace sector, it also has been involved in such markets as industrial warehouses, commercial buildings and oil refineries.
In late 2018, Honeywell announced it would move its global headquarters from New Jersey to Charlotte, thanks in part to $87 million worth of state and local incentives. The company pledged to bring 750 jobs to the area by 2024.
In December 2021, Honeywell held a grand opening of its 23-story uptown headquarters on South Mint Street.
Honeywell has 1,300 employees in Charlotte and nearly 100,000 workers worldwide, spokeswoman Caitlin Leopold told The Charlotte Observer on Tuesday.
Late last year, Honeywell settled claims of foreign bribery schemes in Brazil and Algeria for $200 million.
The schemes date back to 2010 and 2011 when employees and intermediaries working for a Honeywell subsidiary offered bribes to Brazilian and Algerian government officials, according to federal authorities. In one case, the money was offered in connection with a contract to design and build an oil refinery.
This story was originally published March 14, 2023 at 9:43 AM.