(Reuters) – Honeywell said on Tuesday it has appointed David Sewell to lead its advanced materials business, which is set to be spun off into an independently listed company by late this year or early 2026.
The industrial giant had announced the spin-off in October as it looked to simplify its business. The unit would be named Solstice Advanced Materials and focus exclusively on sustainable specialty chemicals and materials.
Honeywell is also set to separate its aerospace and automation businesses, splitting one of America’s last standing conglomerates into three independent firms.
Sewell will join as the president and chief executive officer of the advanced materials business, effective immediately, and is expected to retain the title after the spin off is completed.
He has more than 30 years of experience in the materials and chemicals industries and was most recently the CEO of packaging firm WestRock Company, which was acquired by Irish rival Smurfit Kappa in an $11 billion deal.
Honeywell has also appointed insider Tina Pierce as the chief financial officer of the unit, effective May 1. She is also expected to retain the title after the spin-off.
Pierce, who has worked at Honeywell for more than 25 years, is currently the CFO of its industrial automation segment.
Separately, Rajeev Gautam has been selected as the non-executive chairman of the board, effective on completion of the spin.
“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,” said Honeywell CEO Vimal Kapur.
Solstice Advanced Materials will be headquartered in Morris Plains, New Jersey.
(Reporting by Aishwarya Jain and Utkarsh Shetti in Bengaluru; Editing by Shilpi Majumdar)
