HONEYWELL NAMES CHIEF OPERATING OFFICER FOR SAFETY AND PRODUCTIVITY SOLUTIONS SEGMENT

Rhea-AI Summary

Honeywell (NASDAQ: HON) has appointed George Koutsaftes as Chief Operating Officer of its Safety and Productivity Solutions (SPS) segment effective April 1, 2022. He will succeed John Waldron, who takes on a new senior role. Under Waldron's leadership, SPS grew sales from about $5.6 billion to approximately $8 billion since 2017, achieving a compound annual growth rate of 9%. Koutsaftes, previously leading a $3 billion business unit, has a strong record in growth and margin expansion, crucial for sustaining SPS's momentum.

Positive

• Appointment of George Koutsaftes as COO expected to drive growth in the Safety and Productivity Solutions segment.
• SPS reported a 9% compound annual growth rate in sales from $5.6 billion to $8 billion since 2017.
• Koutsaftes has a proven track record in margin expansion and revenue growth.

Negative

• None.

CHARLOTTE, N.C., Jan. 5, 2022 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced that George Koutsaftes, an executive with over 13 years of leadership experience within its Performance Materials and Technologies (PMT) segment, has been named as Chief Operating Officer within its Safety and Productivity Solutions (SPS) segment. Koutsaftes, 52, will become President and Chief Executive Officer of SPS and a Honeywell Executive Officer on April 1. He will succeed John Waldron, who will be appointed to another senior leadership role within Honeywell at that time. Waldron and Koutsaftes will work together closely on the transition over the next three months.

"Since its inception 5½ years ago, Honeywell Safety and Productivity Solutions (SPS) has demonstrated its ability to achieve robust global growth and expansion into new spaces such as warehouse automation and connected worker technologies," said Honeywell Chairman and Chief Executive Officer Darius Adamczyk. "John has done a tremendous job in turning SPS into a leading growth engine for our company. Since 2017, SPS has achieved a sales compound annual growth rate of 9%, increasing from about $5.6 billion to about $8 billion. In order for us to continue to develop John as a senior leader, he will be given a key role within the company where customers and other stakeholders will benefit from his leadership. George has a very strong track record of driving growth, margin expansion, and free cash flow, and he will play an essential role in continuing our momentum within SPS."

For the past four years, Koutsaftes has led Advanced Materials, a $3 billion business unit within Honeywell PMT that provides solutions to the automotive, construction, life science, and semiconductor industries. During his tenure, Advanced Materials substantially expanded its operating margin and free cash flow, and increased revenue from new products by over 50%. Koutsaftes also served for the second half of 2019 as interim Business Development / M&A leader for Honeywell.

Prior to joining Honeywell in 2008, Koutsaftes was a senior-level M&A advisor who was a key player in transactions with over $7 billion in aggregate value. He worked for Young and Partners LLC, Eureka Capital Markets LLC, and Arthur Andersen Corporate Finance LLP. He joined PMT in 2008 as Director, Mergers and Acquisitions, and was instrumental in the acquisition of Thomas Russell Co., a leading provider of natural gas processing and treating technology and equipment solutions. He also led Procurement and Trade Compliance for PMT before leading the Fluorine Products global business enterprise, followed by Advanced Materials. He earned a B.S. in accounting from Marist College and an M.B.A. in finance from Fordham University.

Honeywell SPS provides products, software, and connected solutions that improve productivity, workplace safety, and asset performance for customers around the world. In response to the COVID-19 pandemic, Honeywell SPS rapidly established eight new greenfield production sites worldwide for personal protective equipment, enabling the addition of more than 1 billion units of mask capacity in 2020 to help front-line medical workers battle the virus. At the same time, Honeywell SPS rapidly increased production of sensors and switches used in critical medical equipment, including ventilators and oxygenators.

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

Contacts:
Media	Investor Relations
Nina Krauss	Sean Meakim
(704) 627-6035	(704) 627-6200
Nina.Krauss@honeywell.com	sean.meakim@honeywell.com

 

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SOURCE Honeywell

FAQ

Who is the new Chief Operating Officer of Honeywell's Safety and Productivity Solutions segment?

George Koutsaftes has been appointed as the new Chief Operating Officer of Honeywell's Safety and Productivity Solutions segment.

When will George Koutsaftes start as President and CEO of Honeywell's SPS?

George Koutsaftes will officially start as President and Chief Executive Officer of Honeywell's SPS on April 1, 2022.

What has been the sales growth of Honeywell's SPS segment?

Honeywell's SPS segment has achieved a compound annual growth rate of 9%, growing sales from approximately $5.6 billion to about $8 billion since 2017.

Who is succeeding John Waldron at Honeywell?

George Koutsaftes will succeed John Waldron as the Chief Operating Officer of Honeywell's Safety and Productivity Solutions segment.

What experience does George Koutsaftes bring to his new role at Honeywell?

George Koutsaftes has over 13 years of leadership experience at Honeywell and previously led a $3 billion business unit, demonstrating strong growth and margin expansion.