Honeywell CEO Cote to Step Down in March
June 28 2016 - 6:10PM
Dow Jones News
Honeywell International Inc. said Dave Cote will step down as
chief executive on March 31 and be succeeded by Darius Adamczyk,
who was promoted to president and chief operating officer in
April.
Mr. Cote will continue as executive chairman through April 2018,
and will then start a five-year consulting and noncompete
agreement. Mr. Cote, who turns 64 years old in July, has run the
conglomerate since 2002.
Honeywell has prided itself under Mr. Cote on a record of
disciplined, well-executed midsize deals, building out product
lines in areas like personal protective equipment and mobile
scanners without overpaying for targets. Shares have risen 183%
over the past decade, compared with a 60% gain in the S&P 500
index.
Honeywell shares, up 2.3% during the regular session Tuesday,
slipped 7 cents to $113.99 in after-hours trading.
This year, Mr. Cote swung for the fences, attempting a $90
billion takeover of rival United Technologies Corp. that would have
created an aerospace giant. But the offer was rebuffed, and United
Technologies executives publicly attacked the deal as an
impossibility because of likely objections by regulators and big
aerospace customers.
Mr. Adamczyk's promotion in April was seen as a signal that
Honeywell was beginning to plan for life after Mr. Cote. As
president and operating chief, the 50-year-old oversaw Honeywell's
wide array of business units, which make products ranging from fire
alarms and thermostats to automotive turbochargers and rubber boots
for firefighters.
Before that, Mr. Adamczyk—who joined the company eight years
ago—had been leading the performance materials business since 2014.
A native of Poland and an engineer, Mr. Adamczyk earned an M.B.A.
from Harvard. He previously held executive roles at Ingersoll-Rand
PLC and Metrologic Instruments Inc., a company Honeywell
acquired.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 28, 2016 17:55 ET (21:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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