Honeywell today announced plans to realign its business segments to three compelling megatrends: automation, the future of aviation, and energy transition. This shift within the company's segments will enable Honeywell to deliver accelerated organic sales growth and inorganic capital deployment, creating greater value for shareholders. The new segmentation will take effect beginning first quarter 2024.

"We are committed to delivering differentiated, profitable growth," said Honeywell Chief Executive Officer Vimal Kapur. "After a complete review of our portfolio, we plan to organize our businesses around three powerful megatrends, each of which is underpinned by our robust digitalization capabilities and solutions. This simplified structure will enable Honeywell to realize synergies that will accelerate our innovation playbook, leverage our financial strength, and unlock greater value through our Accelerator operating system.

"As we enter the next phase of transformation, this realignment will enable us to consistently deliver our upgraded financial algorithm, drive innovation that will help solve the world's toughest sustainability and digitalization challenges, and deploy capital more effectively."

The updated reporting structure will include four segments, underpinned by the company's world-class Accelerator operating system and Honeywell Connected Enterprise integrated software platform, enabling Honeywell to better serve its customers and positioning us to outperform in any environment.

New Leaders Appointed for New Business Groups

Effective January 1, 2024, Lucian Boldea will serve as president and CEO of the Industrial Automation segment, and Ken West will serve as president and CEO of the Energy and Sustainability Solutions segment. Both Boldea and West will report to Kapur and serve as company officers.

Billal Hammoud will remain President and CEO of the renamed Building Automation segment, and Jim Currier will remain President and CEO of the renamed Aerospace Technologies segment. Kevin Dehoff will remain President and CEO of Honeywell Connected Enterprise.

"Our strategic business group leaders are well-positioned to lead Honeywell in both organic and inorganic growth," Kapur noted. "They have demonstrated a deep understanding of our customers and end markets and are capable of delivering strong results across our industries. Their combined experience and drive to create value for customers and shareowners position Honeywell well for the future."