HONEYWELL ANNOUNCES CHIEF FINANCIAL OFFICER SUCCESSION

Rhea-AI Summary

Honeywell (NASDAQ: HON) announced a CFO succession plan. Mike Stepniak, currently VP and CFO of Honeywell Aerospace Technologies, will succeed Greg Lewis as Senior VP and CFO after Q4 2024 results. Stepniak brings over 20 years of finance experience in industrial sectors. Lewis, CFO since 2018, will become Senior VP of Honeywell Accelerator and Senior Advisor to CEO Vimal Kapur.

Stepniak's background includes leadership in financial planning, corporate audit, and business transformation. He previously served as CFO of Honeywell Building Technologies. The transition is expected to be seamless, with no changes to Honeywell's performance or outlook. This move reflects the company's commitment to succession planning.

Positive

• Smooth CFO transition with internal candidate ensures continuity
• New CFO brings over 20 years of finance experience in industrial sectors
• No expected changes to company performance or outlook due to transition

Negative

• None.

CHARLOTTE, N.C., Sept. 5, 2024  /PRNewswire/ -- Honeywell International Inc. (NASDAQ: HON) today announced that Mike Stepniak, who currently serves as Vice President and Chief Financial Officer for Honeywell Aerospace Technologies, will succeed Greg Lewis as Senior Vice President and Chief Financial Officer following the company's announcement of its fourth quarter and full-year financial results for fiscal year 2024. Until the transition is complete, Stepniak will serve as Vice President, Corporate Finance. Upon completion of the transition, Lewis, who has been Honeywell's CFO since 2018 and served the company for nearly two decades, will become Senior Vice President of Honeywell Accelerator and serve as a Senior Advisor to Chairman and CEO Vimal Kapur.

Stepniak brings over two decades of deep finance experience -- across financial planning and analysis, corporate audit, business transformation and operations in the industrial sector. His background includes leading global finance, controllership and finance excellence. In addition to his current role in Aerospace Technologies, Stepniak previously served as CFO of Honeywell Building Technologies. In the coming months, Stepniak will work closely with Lewis and others across the leadership team to facilitate a seamless transition.

"We're extremely excited about Mike adding his deep experience in finance and operations to our leadership team. He brings a strong track record of driving profitable growth across numerous industrial and technology businesses during multiple market and economic cycles. Mike has an extensive understanding of our business, customers and shareholders that positions him well to lead our global finance organization and makes him the right leader to help us advance our capital deployment commitment and further accelerate growth," said Vimal Kapur, Chairman and CEO of Honeywell.

"I also want to take the opportunity to thank Greg for his partnership and significant contributions as CFO and as a champion of Honeywell's foundational principles and digital transformation," Kapur continued. "Greg has played an instrumental role in leading our business during his time as Honeywell CFO – helping us create compelling value for shareholders, align our portfolio to focus on three powerful megatrends and set a course for sustained future growth."

"I am proud of the transformation we have driven over my tenure at Honeywell, particularly these past eight years, and confident the company will continue progressing the strategy that Vimal and our team have laid out," said Lewis. "Mike has been instrumental in driving commercial expansion and innovation in our business, and I am confident that his strong financial acumen, combined with his passion for operational excellence, will enable a seamless transition as we continue to deliver value for shareholders."

Honeywell does not expect any changes to its performance or outlook as a result of the transition, which reflects the Board and leadership's commitment to ongoing succession planning.

Mike Stepniak
Mike Stepniak is an experienced global finance leader with a track record of driving financial performance, international growth and business development in the industrial industry. He joined Honeywell in 2020 and currently serves as Vice President and Chief Financial Officer of Honeywell Aerospace Technologies where he leads global finance, controllership and finance excellence, serving as a key member of the Aerospace Leadership Team. Stepniak was previously CFO for Honeywell Building Technologies. 

Prior to joining Honeywell, Stepniak spent nearly 20 years with General Electric (GE) and Baker Hughes, progressing through various global finance leadership roles. He most recently served as CFO of the Oilfield Equipment division at Baker Hughes international, a GE company. Stepniak started his career in the Financial Management and Corporate Audit programs at GE.

Stepniak holds an MBA in international business from the University of Memphis and a Bachelor of Science in business administration from Edinboro University in Pennsylvania.

About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

We describe certain trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). 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, many of which are difficult to predict and outside of our control. 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 material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, capital markets volatility, inflation, and certain regional conflicts, 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. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time. 

Contacts:
Media	Investors
Stacey Jones	Sean Meakim
Stacey.Jones@Honeywell.com	Sean.Meakim@Honeywell.com

 

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SOURCE Honeywell

FAQ

Who is the new CFO of Honeywell (HON)?

Mike Stepniak, currently VP and CFO of Honeywell Aerospace Technologies, will become the new CFO of Honeywell (HON) after the company announces its Q4 and full-year 2024 financial results.

When will the CFO transition at Honeywell (HON) take place?

The CFO transition at Honeywell (HON) will take place following the announcement of the company's fourth quarter and full-year financial results for fiscal year 2024.

What will happen to Greg Lewis, the current CFO of Honeywell (HON)?

Greg Lewis, the current CFO of Honeywell (HON), will become Senior Vice President of Honeywell Accelerator and serve as a Senior Advisor to Chairman and CEO Vimal Kapur after the transition.

How long has Greg Lewis been CFO of Honeywell (HON)?

Greg Lewis has been CFO of Honeywell (HON) since 2018, serving in the role for approximately six years.