CHARLOTTE, N.C. - Honeywell International Inc. (NASDAQ: NASDAQ:HON) announced today that Mike Stepniak will become the new Senior Vice President and Chief Financial Officer, succeeding Greg Lewis after the disclosure of the company's 2024 fiscal year results. Stepniak, currently serving as Vice President and Chief Financial Officer for Honeywell Aerospace Technologies, will transition through the role of Vice President, Corporate Finance.
Stepniak's appointment is part of a planned leadership succession, with Lewis moving to become Senior Vice President of Honeywell Accelerator and continue as a Senior Advisor to Chairman and CEO Vimal Kapur. Lewis has held the CFO position since 2018 and has been with Honeywell for nearly two decades.
Kapur praised Stepniak's extensive finance and operational experience and his proven ability to drive profitable growth. "Mike has an extensive understanding of our business, customers, and shareholders that positions him well to lead our global finance organization," Kapur stated.
Lewis expressed confidence in Stepniak's capabilities, citing his role in driving commercial expansion and innovation. "I am confident that his strong financial acumen, combined with his passion for operational excellence, will enable a seamless transition," said Lewis.
Stepniak has over twenty years of finance experience, including leadership positions in global finance, controllership, and finance excellence. Before joining Honeywell, he spent nearly two decades with General Electric (NYSE:GE) and Baker Hughes in various global finance leadership roles.
The company does not anticipate any changes to its performance or outlook as a result of this leadership change. The transition reflects the Board and leadership's commitment to ongoing succession planning.
This announcement is based on a press release statement by Honeywell.
"In other recent news, Honeywell International Inc. has finalized its acquisition of CAES Systems Holdings LLC in a $1.9 billion all-cash transaction. This acquisition marks a significant expansion of Honeywell's defense and space portfolio, enhancing its aerospace technologies business. On the financial front, Honeywell has issued $3.5 billion in senior notes to manage its capital structure and fund various business operations. Meanwhile, 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.
In earnings news, Honeywell reported 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 led this growth, with significant contributions from its commercial aerospace, defense and space, and Building Solutions businesses. Despite some challenges, particularly in short-cycle businesses and margin pressures, Honeywell's robust backlog and positive segment outlook suggest potential for continued growth. These are among the recent developments in Honeywell's ongoing business operations and strategies."
InvestingPro Insights
As Honeywell International Inc. (NASDAQ: HON) prepares for a transition in its financial leadership, the company's stability and performance remain pivotal for investors. Here are key insights based on the latest data from InvestingPro:
InvestingPro Data metrics indicate that Honeywell is maintaining a robust market position with a market capitalization of $133.53 billion. The company's Price/Earnings (P/E) ratio stands at 23.26, reflecting investor expectations of future earnings. Additionally, Honeywell has demonstrated a consistent revenue growth, with a 3.28% increase in the last twelve months as of Q2 2024, further solidifying its financial foundation.
Two notable InvestingPro Tips for Honeywell include its commendable history of raising its dividend for 13 consecutive years and maintaining dividend payments for 40 consecutive years. This consistent return to shareholders underlines the company's financial health and disciplined capital allocation strategy. Moreover, analysts predict that the company will remain profitable this year, which may instill further confidence among investors.
For those interested in deeper analysis and more InvestingPro Tips, Honeywell has a total of 10 tips available on https://www.investing.com/pro/HON, which could provide additional insights into the company's financial strategies and market potential. These tips can offer valuable perspectives, especially in light of the new CFO's vision for driving commercial expansion and innovation.
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