Honeywell International announced on Tuesday that Vimal Kapur, who has over three decades of experience managing the multinational manufacturer’s numerous operations, will take over for Darius Adamczyk as CEO.
The top office of a premier American MNC has yet again been held by a business executive of Indian descent.
Around 10 months after being named Honeywell’s president and chief operating officer, 57-year-old Kapur will assume the top position on June 1.
When Kapur finished his education in India, he joined the company. As an electronics engineer with a focus on instrumentation, he received his diploma from the Thapar Institute of Engineering in Patiala.
Vimal Kapur formerly served as the Chief Operating Officer of the business units for performance materials and technologies as well as building technology. In addition, Kapur is in charge of the Honeywell Accelerator operating system, which employs a number of tools, procedures, and best practices to boost productivity. Aside from that, he was managing director of Honeywell Automation India Limited (HAIL).
The adoption of Accelerator and the standardisation of global business models will be part of Honeywell’s next operational evolution, under Vimal’s leadership, to enable maximum performance in each business area, according to a statement from Adamczyk.
Adamczyk, Honeywell’s CEO since 2017, will continue to hold the position of executive chairman and receive a base salary of $1.3 million, the company said in a regulatory statement. Honeywell announced that Kapur will receive a base salary of $1.5 million as CEO.
The Charlotte, North Carolina-based company reported a nearly 6% increase in net revenue in the most recent quarter but claimed operations were hampered by a widespread shortage of semiconductors and skilled labour.
In premarket trade, the company’s shares increased by around 0.6%. When Adamczyk took over as CEO, they increased by 61%.
Adamczyk was appointed chairman in 2018 and CEO in 2017. He will stay on as executive chairman of Honeywell. HON’s market capitalisation increased by 9% CAGR from $88 billion to $145 billion under his leadership.
Adamczyk will support company development, enterprise strategic planning, portfolio shaping, and international government interactions as executive chairman.
Because its long-cycle businesses are strong, Honeywell has benefited from the commercial aviation industry’s ongoing expansion. The Aerospace business of HON is benefiting from strong commercial aftermarket demand brought on by a rise in commercial flying hours.
Its operations have been hampered by volume softness brought on by supply-chain issues, particularly those pertaining to the availability of semiconductors. A further worry for the corporation is a weakness in Safety and Productivity Solutions caused by reduced personal protective equipment and warehouse automation volume.