Almost seven weeks after Honeywell confirmed it will split into three separate, publicly traded companies, the industrial conglomerate shared on March 25 the leadership picks for its Advanced Materials business, which will be named Solstice Advanced Materials.
Solstices Advanced Materials will be a publicly traded, sustainability-driven specialty chemicals and materials company. With nearly $4 billion in revenue last year, the company will provide technologies featuring a range of brands, including the Solstice hydrofluoroolefin technology.
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Based in Morris Plain, NJ, Solstice Advanced Materials will have additional teams in Charlotte, Houston, Dublin, Shanghai, Tokyo, Bangalore, Bucharest and Mexico City. The independent company will retain its global manufacturing and R&D footprint. The spin-off is expected to be completed by late 2025 or early 2026.
Honeywell announced the forthcoming leadership team for its new company:
- Dr. Rajeev Gautam will become non-executive chairman of the board upon completion of the spin-off. With over 40 years at Honeywell, he was formerly President and CEO of Honeywell Performance Materials and Technologies (PMT) and President of Honeywell UOP. He currently serves on the board of NN, Inc.
- David Sewell will become President and CEO of the Advanced Materials business, effective immediately, and is expected to retain his role with the new company following the spin-off. With over 30 years of experience, he was most recently President and CEO of WestRock and has also held leadership roles at Sherwin Williams and General Electric’s Plastics and Advanced Materials Division. Sewell currently serves on the boards of the National Association of Manufacturers and Huntsman Corporation.
- Tina Peirce will become CFO of the Advanced Materials business on May 1 and is expected to retain the role after the spin-off. Currently the CFO of Honeywell Industrial Automation, she has over 25 years of experience, having served as a global CFO for several major Honeywell segments, including Performance Materials and Technologies and Home and Building Technologies. Peirce previously served on the board of Garrett Motion, Inc.
- Jeff Dormo and Simon Mawson will be promoted to Senior VP and GM, leading Solstice Advanced Materials’ two business segments. Both currently head business units within Honeywell Advanced Materials and have extensive experience in the chemicals and specialty materials industry, focusing on growth and customer relationships.
“We are pleased to have this accomplished team lead Solstice Advanced Materials, and I have incredible confidence in their ability to innovate and grow the business moving forward,” Honeywell Chairman and CEO Vimal Kapur said in the news release. “Rajeev’s 43-year career as a leader in Honeywell’s Process Technologies and Advanced Materials businesses combined with David’s experience overseeing a multi-year transformation strategy as CEO of a publicly traded company make them the ideal leaders.”
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In recent news, Honeywell agreed to acquired Arvada, CO-based Sundyne from private equity firm Warburg Pincus for an all-cash transaction of $2.16 billion, announced on March 4.
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