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Honeywell announces CFO transition plan

Published 05/09/2024, 15:38
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In a recent filing with the Securities and Exchange Commission, Honeywell International Inc (NASDAQ:HON)., a major player in the aerospace industry, disclosed a forthcoming change in its executive ranks. Michael Stepniak is set to replace Greg Lewis as Senior Vice President and Chief Financial Officer following the release of the company's fourth-quarter and full-year financial results for 2024.

Stepniak, 47, is currently the Vice President and Chief Financial Officer of Honeywell's Aerospace Technologies segment and will assume the role of Vice President, Finance, starting October 7, 2024. He will transition into his new role as Senior Vice President and CFO at a date to be approved by the company's Board of Directors.

Greg Lewis, 56, the outgoing CFO, will take on new responsibilities as Senior Vice President, Honeywell Accelerator, and Senior Advisor after the transition period. The company's statement indicates a strategic move, allowing Lewis to focus on Honeywell Accelerator, which could be an initiative for business growth and innovation.

The announcement was made public on Thursday, aligning with the company's policy of transparently communicating significant executive changes. Honeywell, headquartered in Charlotte, North Carolina, operates under the legal jurisdiction of Delaware and is listed on the Nasdaq Stock Market under the ticker symbol NASDAQ:HON.

he SEC filing did not elaborate on the reasons behind the change or the future direction of the company under the new CFO.

The article is based on an 8K filing.

In other recent news, Honeywell International Inc. has made significant strides with strong Q2 2024 financial results, surpassing its adjusted earnings per share guidance and hitting the upper range of its organic sales guidance. The company's aerospace sector, including commercial aerospace, defense and space, and Building Solutions businesses, drove this growth, despite challenges in short-cycle businesses and margin pressures.

Honeywell has also completed the acquisition of CAES Systems Holdings LLC in a $1.9 billion all-cash transaction, marking a significant expansion of its defense and space portfolio. In addition, the company has issued $3.5 billion in senior notes to manage its capital structure and fund various business operations.

RBC Capital Markets has maintained a Sector Perform rating on Honeywell's stock, adjusting its price target in response to the company's recent downward revision in its 2024 guidance.

These are among the recent developments in Honeywell's ongoing business operations and strategies.

InvestingPro Insights

As Honeywell International Inc. prepares for a change in its financial leadership, the company's stock market performance and financial metrics remain a key focus for investors. With a market capitalization of approximately $133.53 billion, Honeywell is trading at a P/E ratio of 23.26, reflecting investor confidence in its earnings capacity. The company has demonstrated a commitment to shareholder returns, having raised its dividend for an impressive 13 consecutive years and maintained dividend payments for 40 consecutive years. The stability of Honeywell's stock is also notable, as it generally trades with low price volatility.

InvestingPro Tips reveal that Honeywell operates with a moderate level of debt and is anticipated to be profitable this year, with analysts predicting positive earnings. These aspects are crucial for investors considering the impact of new financial leadership on the company's performance. For those seeking a deeper dive into Honeywell's financial health and future prospects, additional InvestingPro Tips are available, providing a comprehensive analysis of the company's market position and financial trends.

Investors interested in Honeywell's detailed financial outlook can access more InvestingPro Tips to inform their investment decisions. These insights can be found at: https://www.investing.com/pro/HON.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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