Honeywell company veteran Kapur to replace Adamczyk as CEO

(Reuters) -Honeywell International Inc said on Tuesday that Vimal Kapur, who has more than three decades of experience leading the diversified manufacturer’s various businesses, will succeed Darius Adamczyk as chief executive.

The 57-year-old Kapur will take over the top role on June 1, roughly 10 months after he was appointed Honeywell’s president and chief operating officer.

He has held several key positions in the company, including CEO of its building technologies as well as performance materials and technologies units.

Kapur also oversees the company’s operating model, Honeywell Accelerator, which uses various tools, processes and best practices to improve efficiency.

“Honeywell’s next operational evolution, under Vimal’s leadership, will be the incorporation of Accelerator and standardization of global business models to enable maximal performance in each business segment,” Adamczyk said in a statement.

Adamczyk, who has been Honeywell’s CEO since 2017, will continue to serve as executive chairman and draw a base salary of $1.3 million, the company said in a regulatory filing.

Kapur’s base salary as CEO will be $1.5 million, Honeywell said.

The Charlotte, North Carolina-based company posted a roughly 6% rise in net sales in the latest quarter, although it said an industry-wide shortage of semiconductors and skilled labor affected operations.

The company’s shares were up about 0.6% in premarket trade. They have risen 61% since Adamczyk became CEO.

(Reporting by Nathan Gomes in Bengaluru; Editing by Savio D’Souza and Uttaresh Venkateshwaran)