Honeywell (NYSE:HON) named two new vice chairmen and a chief financial officer on Monday as it prepares for a multi-year expansion that includes doubling spending on mergers and acquisitions.
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Corporate finance vice president Tom Szlosek was promoted to chief financial officer, reporting directly to chief executive Dave Cote. He replaces current CFO Dave Anderson, who will retire after a decade with the company.
The government contractor also promoted Roger Fradin to the newly-created position of vice chairman where he will be responsible for advancing Honeywell’s merger and acquisition strategy as part of the 5-year $10 billion expansion. He will continue to serve as an executive officer of the company reporting directly to Cote.
Andreas Kramvis was promoted to the other vice chairman position, where he will oversee the company’s software development process and drive expansion in high-growth regions.
“These leadership changes will have a positive impact on achieving our new 5-year plan for continued sales and margin rate growth and geographic expansion,” Cote said. “Each of these leaders has a strong track record of global leadership, robust business performance, and championing change at Honeywell."
In other moves, Honeywell Process Solutions (HPS), with 2013 sales of $3.1 billion, has been switched to the company’s performance materials and technologies (PMT) group from the automation and control solutions (ACS) unit, freeing the automation group to focus on projects in the oil and gas, petrochemical and other manufacturing industries.
Alex Ismail, most recently president of Honeywell’s energy, safety and security business, has been named EO of ACS, reporting to Cote.
Darius Adamczyk was promoted to CEO of PMT, reporting to Cote. He most recently served as president of Honeywell Process Solutions.
Shares of the Morristown, N.J.-based maker of defense jets and helicopters fell 0.61% to $92.76 in recent trade.