(Reuters) - Honeywell International Inc (HON.N) promoted two executives to the position of vice chairman and named a new chief financial officer as part of a series of senior leadership changes announced by the U.S. diversified manufacturer on Monday.
The management shuffle comes after Honeywell unveiled ambitious five-year financial targets last month including boosting company sales to more than $50 billion by 2018, from $39.1 billion last year, as it targets $10 billion in acquisitions.
The executives stepping into the newly created positions of vice chairman -- Roger Fradin and Andreas Kramvis -- will each take responsibility for aspects of the five-year plan laid out by Chief Executive Officer Dave Cote.
Fradin, 60, has been leading the company’s automation and control solutions business that includes climate control and security products. His responsibilities will include Honeywell’s acquisition strategy.
Kramvis, 61, has been running the performance materials and technologies segment that include chemicals used in oil and gas production. His tasks include deploying a program that drives internal efficiency, as Honeywell seeks to improve profit margins for its business segments to between 18.5 percent to 20 percent by 2018, up from 16.3 percent last year.
A company spokesman said the management changes were not about succession planning for Cote, who is 61.
Tom Szlosek, 50, previously vice president of corporate finance, was named CFO, replacing well-respected finance chief Dave Anderson, 64, who is retiring after 10 years in the post. Honeywell has been telegraphing the CFO transition, with Szlosek getting a more prominent role in company presentations.
Honeywell shares fell 0.7 percent to $92.72 in morning trading on the New York Stock Exchange, in line with declines for the broader U.S. market.
Reporting by Lewis Krauskopf; Editing by Jeffrey Benkoe and Sofina Mirza-Reid