Honeywell CEO Will Step Down, Take On 5-Year Consulting Position

Morris Twp., N.J. – New Jersey’s wealthiest Chief Executive Officer and Fortune 500 company leader David Cote will step down in 2017, and be succeeded by Honeywell International’s Chief Operating Officer, the company announced.

COO Darius Adamczyk will begin as the CEO on March 31, 2017.

“Darius is absolutely the right person to lead our Company into a new era where we will need to keep evolving to become even more global, more of a software company, and more nimble. He has the growth mindset, global acumen, and software expertise to be a highly successful CEO for Honeywell,” Cote said in a press release.

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Cote joined Honeywell in 2002 and will remain on board as Executive Chairman until April 2018. At that point, Cote will start a five-year consulting and non-compete agreement with Honeywell.

“It is a privilege to have the opportunity to take on a bigger role at Honeywell and ultimately to become the CEO, fully supported by Dave, our very strong Board, and a talented and experienced leadership team,” Adamczyk said.

Cote was named the wealthiest CEO in New Jersey earlier this year, bringing in $33.8 million in 2015.