Honeywell board of directors elected CEO Vimal Kapur to take on the additional role of chair when Darius Adamczyk retires on 7 June, 2024.
William S. Ayer has also been elected to succeed D. Scott Davis as independent lead director beginning on14 May, which is the date of the company’s AGM.
Davis, who has served as lead director since 2020, will continue to serve as an independent director and as chair of the Audit Committee.
Commenting on Kapur’s appointment, Davis said the board is unified in its view that Vimal will provide decisive strategic leadership and strong execution of Honeywell's growth plans, capital deployment, succession planning and continuing operational excellence.
“Additionally, we are confident that the robust governance authorities and responsibilities of our independent lead director, combined with Bill's thoughtful and extensive leadership, will enable our highly independent, diverse, and experienced board to provide effective support and oversight,” he said.
Adamczyk, who was Honeywell's chair and CEO until June 2023 when he became executive chair, thanked Scott for his service to Honeywell as lead director.
“His independent perspectives and counsel as Honeywell successfully navigated the unprecedented macro challenges of the past four years, and his leadership throughout the CEO succession planning and smooth transition process have been invaluable to me, Vimal and the entire management team,” Adamczyk said.
Kapur said it was a privilege and honour to be named chair.
“I look forward to working with Bill, our outstanding board and leadership team and our talented people to continue accelerating Honeywell's growth aligned with three powerful megatrends--automation, the future of aviation and energy transition--each of which is underpinned by robust digitalization capabilities and solutions,” Kapur said.
“Accelerating our innovation playbook, leveraging our financial strength and unlocking greater value through our Accelerator operating system uniquely positions us to blend advanced software with leading physical products and solutions to lead in our end markets."
Kapur, 58, became President and CEO of Honeywell in June 2023 after serving as president and COO since July 2022.