The software industrial giant Honeywell International Inc. has named a new chief financial officer.
Mike Stepniak, who joined Honeywell in 2020 and currently serves as VP and CFO for Honeywell Aerospace Technologies, will succeed Greg Lewis as SVP and CFO after the company announces its results for 2024. Until the CFO transition, Stepniak will take on the role of VP of corporate finance, the company announced on Thursday morning.
During his tenure at the company, Stepniak has also previously served as CFO for Honeywell Building Technologies, a division of the company focused on homes. Before joining Honeywell, he spent nearly 20 years with General Electric and Baker Hughes.
Lewis joined Honeywell in 2006, and has held a series of finance leadership roles, becoming CFO in 2018. After stepping down as CFO, he will take on the role of SVP of Honeywell Accelerator, and serve as a senior advisor to chairman and CEO Vimal Kapur. Accelerator is Honeywell’s operating system that standardizes work across four main business models of products, aftermarket services, projects, and software, according to the company.
Honeywell, a Fortune 500 company headquartered in Charlotte, operates four business segments: aerospace technologies, industrial automation, building automation, and energy and sustainability solutions.
The company's second-quarter earnings, announced on July 25, beat estimates with sales up 5% year over year, reaching $9.6 billion. Earnings per share for the quarter were $2.36, up 6% year over year, and adjusted earnings per share was $2.49, up 8%. Revenue for the quarter rose 4.7% to $9.58 billion. The company downwardly revised its full-year guidance for earnings per share, segment margin, and cash flow.
Stepniak brings a “strong track record of driving profitable growth across numerous industrial and technology businesses during multiple market and economic cycles,” Kapur said in a statement.
During his time as CFO, Lewis “played an instrumental role” in leading the business, including aligning the company’s portfolio around “three powerful megatrends,” which are automation, the future of aviation, and energy transition, according to Kapur. Since taking the top job last year, Kapur has aligned the industrial giant’s portfolio around those areas. In July, Honeywell announced the acquisition of Air Products’ liquefied natural gas process technology and equipment business for $1.8 billion. It’s his fourth major acquisition in eight months, Fortune reported.
"I am proud of the transformation we have driven over my tenure at Honeywell, particularly these past eight years, and confident the company will continue progressing the strategy that Vimal and our team have laid out," Lewis said in a statement, adding that Stepniak has been “instrumental” in driving commercial expansion and innovation, and he expects a seamless transition.
