Honeywell International Inc. Announces Board Changes
December 06, 2019 at 04:13 pm EST
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Honeywell International Inc. announced that Jaime Chico Pardo, 69, a 20-year member of its Board of Directors who has served as independent Lead Director since 2016, will retire from the Board effective at the time of the next Annual Shareowners Meeting on April 27, 2020. At that time, he will be succeeded as independent Lead Director by D. Scott Davis, 67, a 14-year Honeywell Board member who has chaired the Management Development and Compensation Committee (MDCC) since 2010. Davis also chaired the Honeywell Audit Committee from 2006-2010. In addition, Chico Pardo became Honeywell’s independent Lead Director on January 1, 2016, and was re-elected on December 8, 2017. Honeywell’s independent Lead Director plays an important role in the company’s governance structure, serving as de facto leader of the independent Directors and as the single focal point charged with ensuring that the Board as a whole is providing appropriate independent oversight of management. Over the past several years, the Board has continually taken action to strengthen the role of independent Lead Director. Outside of Honeywell’s Board, Chico Pardo has served as President and Chief Executive Officer of ENESA, S.A. de C.V., since 2010.
Honeywell International Inc. specializes in the manufacturing and marketing of industrial equipment. The group also offers maintenance, technical assistance and engineering services. Net sales break down by family of products as follows:
- aeronautical equipment (37.2%): engines, navigation hardware and software, propulsion and communication systems, satellite and space components, lighting equipment, wheels, etc. The group also offers turbochargers for motor vehicles;
- performance materials and technologies (31.4%): polymers, fibers, resins, acids, additives, catalysts, sorbents, semiconductor packaging materials, coating materials, etc.;
- building automation and control systems (16.4%): heating and ventilation control systems, fire alarms, thermostats, monitoring systems, etc.;
- security and productivity optimization solutions (15%): personal safety equipment, warning systems, gas detection systems, data collection and thermal printing computer solutions, warehouse and supply chain automation systems, data and production process management solutions, etc.
Net sales are distributed geographically as follows: the United States (57%), Europe (22%) and other (21%).