Honeywell announced that Andreas Kramvis has been named President and CEO of its $4.9 billion Specialty Materials business, effective March 31, 2008.
Kramvis succeeds Nance Dicciani who will retire from the company on April 14, 2008. He will report to Honeywell's Chairman and CEO Dave Cote.
“Honeywell is a much stronger and different company because of Nance Dicciani's terrific work and dedication over the past six years,” said Cote.
“Under her leadership, Specialty Materials transformed from a slow-growth, low-margin, niche business into a profitable global leader that has great positions in good industries.”
“Nance helped grow Specialty Material's revenue from $3.2 billion in 2003 to $4.9 billion in 2007 – a nine percent compound annual growth rate (CAGR),” continued Cote.
“In the same period, operating income grew at a 49 percent CAGR, and the business achieved a 10-point improvement in return on investment. We wish her the best in her retirement from Honeywell.”
"Andreas has been with Honeywell since we acquired Pittway in 2000 and has been the President of Environmental and Combustion Controls (ECC), a unit of our Automation and Control Solutions (ACS) business, since 2002," said Cote.
"During that time, ECC has grown sales by more than 75 percent mainly due to new product innovations, successful acquisitions, and an expanding global footprint.
He's an exceptional leader, with a proven track record of delivering profitable growth, driving innovation, and enhancing productivity. We're confident that this will be a seamless transition for the business and its customers."
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