- Push-out Score suggests push-out forces
- After about four and a half years in the position
- Praise and thanks for Szlosek
- Greg Lewis taking over
(exechange) — Morris Plains, New Jersey, May 1, 2018 — Tom Szlosek, finance chief of Honeywell, leaves. As announced by Honeywell International Inc. in a news release and in a regulatory filing published on Tuesday, May 1, 2018, Thomas A. (Tom) Szlosek leaves his post as Chief Financial Officer at the conglomerate company after about four and a half years in the position, effective August 3, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CFOs who departed over the past 12 months was 6.6 years, according to data compiled by exechange.
Szlosek’s move comes 13 months after Darius Adamczyk took over as CEO of Honeywell International Inc.
Furthermore, Szlosek’s move comes shortly after Darius Adamczyk took over as Chairman of Honeywell International Inc.
Szlosek’s duties will be taken over by Greg Lewis, most recently Vice President, Enterprise Information Management of Honeywell International Inc.
“For personal reasons”
Szlosek’s departure from the CFO post is explained as follows. Honeywell said: Tom Szlosek “has decided to retire for personal reasons.”
In the announcement, the company did not detail the personal reasons causing Szlosek to leave the position, leaving room for speculation. Generally speaking, “personal reasons” may include, among others, family-related reasons, health reasons or disagreement.
Precise information about Szlosek’s future plans was not immediately available.
Honeywell said: “On May 1, 2018, Honeywell International Inc. … announced that Tom Szlosek, the Company’s Senior Vice President and Chief Financial Officer, has communicated his intention to retire from the Company for personal reasons effective as of August 3, 2018.”
Share price rise since April 2009
The change follows a rise in the share price of Honeywell International Inc. since April 2009.
Chaired by Darius Adamczyk
Honeywell International Inc. is chaired by Darius Adamczyk.
Adamczyk was named President and Chief Executive officer on March 31, 2017, after having served as Chief Operating Officer since early 2016. On February 9, 2018, Honeywell International Inc.’s Board of Directors nominated President and CEO Darius E. Adamczyk to serve as Chairman at the Company’s Annual Meeting of Shareowners on April 23, 2018.
In the position of CFO since 2014
Thomas A. Szlosek has been the Chief Financial Officer and Senior Vice President of Honeywell International Inc. since April 2014.
Tom Szlosek is Senior Vice President and Chief Financial Officer of Honeywell, a $40 billion diversified technology and manufacturing leader, serving customers worldwide with products and software that address some of the world’s most critical challenges around energy efficiency and clean energy generation, safety and security, expanding global wealth per capita and worker productivity.
Prior to this role, Szlosek was Vice President of Corporate Finance responsible for corporate tax, treasury, investor relations, audit, financial planning, and back office areas.
From 2007 to 2013, Szlosek was Chief Financial Officer for Honeywell’s largest business group at the time, Automation and Control Solutions (ACS), where he helped lead ACS to 50% growth in sales and a doubling of operating profits.
He also helped transact 15 acquisitions valued at over $3 billion.
He served as Vice President and Controller of Honeywell from 2004 to 2007.
Prior to joining Honeywell, Szlosek spent eight years with General Electric Company, where he held various finance leadership roles, including CFO of GE Medical Systems Asia and CFO of GE Consumer Finance Europe.
He was in the audit practice with Price Waterhouse for 10 years before joining GE.
Szlosek holds a bachelor’s degree in accounting from the State University of New York at Geneseo and is a Certified Public Accountant.
Szlosek will work closely with Lewis to ensure a seamless transition and provide consulting services to the Company for five months after his retirement.
When he becomes CFO, Lewis will also become an Officer of the Company.
Szlosek will continue as Honeywell CFO with direct responsibility for the Global Finance function of the Company and the strategic business groups, Controllership and Portfolio Transformation.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Tom Szlosek’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 19.2018 ($).