Dive Brief:
- Honeywell said Thursday that it appointed Mike Stepniak, who currently serves as CFO of its Aerospace Technologies unit, to take over the industrial company’s overall finance organization.
- Stepniak will succeed Greg Lewis, who is set to become senior vice president of Honeywell Accelerator and senior advisor to Honeywell CEO Vimal Kapur. The change will become effective following the company's announcement of its fourth quarter and full-year financial results for fiscal year 2024, according to a press release.
- “We're extremely excited about Mike adding his deep experience in finance and operations to our leadership team,” Kapur said in the release. “He brings a strong track record of driving profitable growth across numerous industrial and technology businesses during multiple market and economic cycles.”
Dive Insight:
Stepniak, 47, brings more than two decades of finance experience across financial planning and analysis, corporate audit, business transformation and operations in the industrial sector, according to the release.
He became CFO of Honeywell’s Aerospace Technologies unit in January 2023, after serving as finance chief of the company’s Building Technologies division, a role he assumed when he joined the company in March 2020, according to his LinkedIn page.
Prior to joining Honeywell, Stepniak was CFO of Baker Hughes’ Oilfield Equipment unit.
Lewis has been Honeywell's CFO since 2018 and served the company for nearly 20 years.
Until the transition is complete, Stepniak will serve as vice president of corporate finance, Honeywell said.
The move comes as Honeywell is laser-focused on accelerating its growth, a top priority of Kapur, who became CEO of the industrial conglomerate in June 2023.
Last October, the company said it was realigning its business to focus on three “compelling megatrends” — automation, the future of aviation and energy transition — to achieve accelerated organic sales growth, among other results.
Honeywell has also announced a string of merger-and-acquisition deals in recent months, including an agreement to acquire aerospace and defense technology provider CAES Systems Holdings from private equity firm Advent International for $1.9 billion.
In July, the company reported that its sales rose to $9.6 billion in the second quarter, a 5% increase compared with the year-earlier period.
“While aerospace continues to lead our growth, we are seeing broader participation across our portfolio,” Kapur said in an earnings call at the time.
