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Honeywell's Cote to step down as CEO in March; president and COO will succeed him

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Dave Cote will serve as Honeywell's executive chairman from April 2017 to April 2018.
Dave Cote will serve as Honeywell's executive chairman from April 2017 to April 2018. - ()

Honeywell Chairman and CEO Dave Cote will step down as chief executive on March 31, 2017, with company President and Chief Operating Officer Darius Adamczyk succeeding him, the Morris Plains-based conglomerate announced.

Cote will serve as executive chairman until April 2018, and then serve in a five-year consulting role in a noncompete situation, the technology and manufacturing company said in a news release late Tuesday.

“Darius is absolutely the right person to lead our company into a new era where we will need to keep evolving to become even more global, more of a software company and more nimble,” Cote said in a prepared statement. “He has the growth mindset, global acumen and software expertise to be a highly successful CEO for Honeywell. Darius has succeeded in every business leadership role he has ever held.”

Adamcyzk, 50, was named to the president and COO roles earlier this year after serving as president and CEO of Honeywell’s Performance Materials and Technologies unit. He has been with Honeywell since 2008 in variety of leadership roles.

“Darius’ deep expertise in software will open new growth plans for all of our businesses, which are blending Honeywell’s advanced software programming capabilities with leading-edge physical products and unparalleled domain expertise in a wide variety of industries,” Cote said. “Darius thinks independently and has demonstrated that he can evolve business strategies to fit evolving circumstances — a very important skill, because the world is changing rapidly.”

Cote, 64, was named to the chairman and CEO roles at Honeywell in 2002.

“Dave has been a passionate and transformative leader throughout his tenure at Honeywell, completely turning around the company from its initial state of disarray,” Jaime Chico Pardo, the company’s new lead director, said in a statement. “… Given the rigor Dave has demonstrated in driving Honeywell’s performance over a long period of time, comparable attention was paid to the selection of a successor and execution of a thoughtful transition plan that allows Honeywell to continue to perform for the long run.

Darius Adamczyk became president and chief operating officer of Honeywell earlier in 2016.
Darius Adamczyk became president and chief operating officer of Honeywell earlier in 2016. - ()

“In Darius, we have a proven leader who can enhance Honeywell’s growth rate and drive it to become the world’s leading cyber-industrial company. Dave and Darius will work very closely together not only to make the transition seamless, but to use it to speed growth and build long-term competitive advantage in markets and industries around the world.”

Earlier in his career, Adamcyzk worked for GE, Booz Allen Hamilton and Ingersoll Rand before serving as CEO of Metrologic, which Honeywell acquired in 2008.

“It is a privilege to have the opportunity to take on a bigger role at Honeywell and, ultimately, to become the CEO, fully supported by Dave, our very strong board and a talented and experienced leadership team,” Adamczyk said in a statement. “It has been energizing to see all the ideas we are developing and implementing to build on our great positions in good industries.”

Honeywell also said its board has developed the criteria for the lead director position and chose Chico Pardo for a two-year term in the position. Pardo has been a board member for 16 years.

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