Honeywell Names Mike Madsen To Lead Aerospace Business Group, Tim Mahoney To Drive Enterprise Transformation, Jeff Kimbell Joins Company As Chief Commercial Officer

CHARLOTTE, N.C., Oct. 15, 2019 /PRNewswire/ -- Honeywell (NYSE: HON) today announced that Mike Madsen, an executive with more than three decades of leadership experience within its Aerospace strategic business group, has been named President and CEO of Honeywell Aerospace, effective immediately. Madsen, 56, succeeds Tim Mahoney, who held the role for the past 10 years and has been named Senior Vice President, Enterprise Transformation. In his new position, Mahoney, 63, will have broad responsibilities for Honeywell Digital, the company's global, cross-functional digitization initiative that is driving improvements in customer service and efficiency.

Madsen and Mahoney will work closely over the coming weeks to ensure a smooth transition of responsibilities. Both will serve as company officers, reporting to Chairman and CEO Darius Adamczyk and based in Phoenix, Ariz.

Honeywell Aerospace is a technology and services leader with products and services found on virtually every commercial, defense and space aircraft in the world.

"Mike's tenure in Honeywell Aerospace has allowed him to gain leadership experience in major business units as well as core support functions, including operations. He is an extremely effective leader and change agent who is passionate about the aerospace industry and serving customers at the highest level," Adamczyk said. "Under Mike's leadership, we expect continued acceleration in our development of advanced technologies that blend hardware and software to create more fuel-efficient aircraft, more direct and on-time flights, and safer skies and airports.

"We are fortunate to have someone with Mike's level of experience and extensive exposure to our end markets ready to take the helm of Honeywell Aerospace, and equally fortunate to have the benefit of Tim's expertise and continued presence on our senior leadership team that will help ensure we transition the role comprehensively and seamlessly," Adamczyk said. "I would like to thank Tim for his multiple decades of leadership which placed Honeywell at the forefront of the aerospace industry. Tim is taking on an extremely important Enterprise Transformation role as we continue the process of digitizing and modernizing our global support functions across the board. We have a big opportunity in front of us to enhance core processes to greatly benefit our customers, employees and all Honeywell stakeholders. We have made substantial progress to date and anticipate Tim will accelerate our efforts and generate even more value."

Most recently, Madsen served as Vice President, Integrated Supply Chain, for Honeywell Aerospace, with broad responsibility for the business group's global supply chain and manufacturing facilities. Previously, he was President, Honeywell Aerospace Defense and Space, a unit that served original equipment manufacturers (OEMs) along with the aftermarket, military, government agency and commercial helicopter customers internationally. He also held leadership positions within the Air Transport and Regional business. Madsen began his career at Honeywell as an engine performance engineer supporting the TFE731, ATF3 and CFE738 engines. He also led development activities on a wide range of products ranging from solar dynamic power systems to cryogenic valves, launch vehicle actuation systems and aircraft pneumatic components. He earned a B.S. in aerospace engineering from Arizona State University and an M.B.A. from Duke University.

Mahoney joined Honeywell in 1997 after a 20-year career at United Technologies within the Commercial Customer Segment of Sikorsky Aircraft. He led multiple business units within Honeywell Aerospace and also served as Chief Technology Officer. Mahoney earned a B.S. in mechanical engineering from the University of South Florida. He later graduated from the Defense Systems Management College and Harvard Business School's Program for Management Development.

Honeywell also announced the appointment of Jeff Kimbell as Senior Vice President and Chief Commercial Officer, with broad responsibilities for digitizing and aligning the company's sales and marketing organizations in support of profitable organic growth. He will serve as a company officer and report to Adamczyk, based in Charlotte.

Kimbell, 51, has nearly three decades of leadership experience in areas such as strategy, business development, sales and marketing, and operations. Most recently, he served as Partner in the Transformation Practice at McKinsey & Company in Houston. He also held senior roles at Silver Lake Partners, Cerberus Capital LP, Dell EMC, Transamerica, and Procter and Gamble. He earned a B.S. in electrical engineering at Kansas State University and an M.B.A. at Dartmouth College.

Honeywell (www.honeywell.com) is a Fortune 100 technology company that delivers industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help everything from aircraft, buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.

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