Summary
Honeywell International Inc. filed an 8-K on January 12, 2005, reporting a significant leadership transition within its Aerospace division. Effective immediately on January 7, 2005, Robert J. Gillette was appointed President and CEO of Honeywell Aerospace. This appointment is part of an orchestrated succession plan, as the outgoing leader, Robert D. Johnson, announced his retirement in January 2006. To ensure a smooth handover, Mr. Johnson will transition to a Non-executive Chairman role for Honeywell Aerospace throughout 2005. This change in role will affect his compensation, with his annual incentive compensation target reduced. Furthermore, the filing provides details on the payout schedule for Honeywell's Growth Plan, specifically noting that Mr. Johnson will receive his earned awards despite the leadership change, acknowledging his cooperation in facilitating the succession.
Key Highlights
- 1Robert J. Gillette appointed President and CEO of Honeywell Aerospace, effective January 7, 2005.
- 2Robert D. Johnson, the current leader, will retire in January 2006.
- 3Mr. Johnson will serve as Non-executive Chairman of Honeywell Aerospace during 2005 to aid leadership succession.
- 4Mr. Johnson's 2005 annual incentive compensation target is reduced to 50% of his base salary due to the changed role.
- 5Details provided on the payout schedule for Honeywell's Growth Plan, with a portion deferred to 2006.
- 6Mr. Johnson will receive his deferred Growth Plan award in 2006, contingent on his employment at the payment date, in recognition of his role in succession.