James Currier
HONEYWELL INTERNATIONALAbout James Currier
James E. “Jim” Currier, 59, is President & CEO of Honeywell Aerospace Technologies and has been selected to lead the independent Honeywell Aerospace post-separation, expected in H2 2026 . He joined Honeywell in 2006 and rose through senior roles across airlines, aftermarket, and electronic solutions; prior to Honeywell he earned a B.S. in Mechanical Engineering (University of Miami) and was inducted into the International Space Hall of Fame for the Delta Clipper X/XA program . Under his leadership, Aerospace delivered record results: 2023 revenue >$13.6B (+15% YoY) with margin rate up 40 bps to 28.1% , and 2024 revenue of $15.5B (+13% reported, +11% organic) with major wins and acquisitions driving growth .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Honeywell Aerospace | President & CEO, Aerospace Technologies (AT) | Aug 2023–present | Led AT to $15.5B revenue (+13% YoY, +11% organic), executed >$41B lifetime program wins, and completed accretive acquisitions (CAES Systems, Civitanavi) . |
| Honeywell Aerospace | President, Electronic Solutions | 2021–2023 | Advanced cockpit/navigation and avionics solutions; supported major platform certifications (Falcon 6X, Gulfstream G700) and SAF operations . |
| Honeywell Aerospace | President, Aftermarket EMEAI | 2019–2021 | Grew retrofit/modification/upgrades offerings; enhanced service capabilities in EMEAI . |
| Honeywell Aerospace | VP, Airlines North America | 2018–2019 | Drove avionics/APU selections including large airline deals (e.g., United’s 650 aircraft selection) . |
| Honeywell Engines & Power Systems | VP, Business Development | 2015–2018 | Expanded propulsion/APU positions; progress on sustainable technologies and generator programs . |
External Roles
No external public-company directorships or committee roles disclosed for Currier in the 2024/2025 proxy or recent 8-Ks (none identified in filed materials) .
Fixed Compensation
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base Salary (actual paid) | $531,560 | $756,538 |
| Base Salary Rate Change | $720,000 year-end rate | Increased to $770,000 effective Apr 1, 2024 |
| Target ICP ($) | $551,385 | $551,385 (2024 plan-based target) |
| Target ICP (%) | 100% | Not disclosed (target $ provided) |
| Actual ICP (Annual Bonus) | $700,800 | $840,100 (plus $177,422 PCU payout reported in NEIP) |
Performance Compensation
Long-Term Incentive Grants and Structure
| Grant Detail | FY 2024 | FY 2025 (Separation Award) |
|---|---|---|
| Options (NQSO) | 22,316 options at $197.68 exercise price; grant-date fair value $852,471; vest ratably over 4 years; 10-year term | One-time award: $3,000,000 total (60% options, 40% RSUs); vests 50% at Aerospace separation completion and 50% one-year post-separation; granted Feb 19, 2025 |
| RSUs | 4,312 RSUs; grant-date fair value $852,396; 4-year vesting with 1-year post-vesting hold on net shares | |
| PSUs (2024–2026) | Threshold/Target/Max units: 525 / 8,401 / 16,802; PSU unit FV $202.95; 3-year vest if earned; 75% tied to internal metrics, 25% to 3-year relative TSR |
Annual ICP – Currier (AT) Performance Outcomes
| Metric | 2024 Target | 2024 Actual | Achievement % | Metric Payout % | Weight | Calculated Payout % |
|---|---|---|---|---|---|---|
| AT Sales | $15.324B | $15.498B | 101.1% | 106% | 20% | 21.1% |
| AT Income Contribution | $3.375B | $3.483B | 103.2% | 116% | 15% | 17.4% |
| AT Free Cash Flow | $3.105B | $2.921B | 94.1% | 85% | 15% | 12.8% |
| Total Honeywell (corporate) | — | — | — | 93% | 50% | 46.5% |
| Formulaic Subtotal | — | — | — | — | — | 98% |
Notes: Certain Bombardier investments were excluded per plan rules (increasing Sales +$0.37B, Income +$0.32B, FCF +$0.53B) .
Prior Non-Officer Performance Cash Units (PCUs) — Earned (reported)
| Metric | Threshold | Target | Max | Actual | Payout Factor | Weight | Weighted Payout % |
|---|---|---|---|---|---|---|---|
| AT Revenue (2022–24) | $34,682M | $37,293M | $38,598M | $41,114M | 200% | 16.7% | 33% |
| AT Margin | 27.5% | 28.3% | ≥28.8% | 27.4% | 0% | 16.7% | 0% |
| AT ROI | 42.4% | 44.7% | ≥46.2% | 44.4% | 93% | 16.7% | 16% |
| HON Revenue | $103,380M | $111,161M | $115,052M | $112,201M | 127% | 16.7% | 21% |
| HON Segment Margin Rate | 21.3% | 22.1% | ≥22.6% | 22.7% | 200% | 16.7% | 33% |
| HON Average ROI | 20.7% | 22.2% | ≥23.2% | 23.0% | 180% | 16.7% | 30% |
| Total Earned PCU Payout | — | — | — | — | — | — | 133% |
| Currier Earned (units x $100) | — | 1,334 units | — | — | — | — | $177,422 |
Equity Ownership & Alignment
Beneficial Ownership
| As-of Date | Common Stock Owned | Right to Acquire (60 days) | Other Stock-Based Holdings | Total Shares | % of Outstanding |
|---|---|---|---|---|---|
| Mar 13, 2024 | 845 | 13,357 | 822 | 15,024 | <1% (individual) |
| Mar 26, 2025 | 2,263 | 20,303 | 1,077 | 23,643 | <1% (individual) |
Outstanding Equity (12/31/2023)
| Category | Quantity | Market Value |
|---|---|---|
| Options — Exercisable | 9,646 | — |
| Options — Unexercisable | 29,941 | — |
| RSUs — Unvested | 9,917 | $2,079,694 |
| PSUs — Unearned | 8,590 | $1,801,409 |
2024 Equity Activity (Selling Pressure Indicators)
| Activity | Shares | Value |
|---|---|---|
| Options Exercised | — (none) | $— |
| Stock Awards Vested | 1,199 | $239,623 |
| Net Shares Retained (after tax) | 687 (RSUs) | — |
- Stock ownership guidelines: CEO at 10x salary; other executive officers at 5x salary; five years to meet; one-year hold on net shares from RSU/PSU vesting; hedging and pledging prohibited. Currier and Kapur have served <2 years; other NEOs above guidelines .
Employment Terms
Senior Severance Plan Economics (Currier)
| Scenario | Cash Severance (Base + Target Bonus) | Year-of-Termination ICP | Benefits & Perqs | Other Payments/Benefits | Total |
|---|---|---|---|---|---|
| Termination Without Cause | $1,540,000 | — | $14,434 | — | $1,554,434 |
| Death | — | — | — | $273,422 | $273,422 |
| Disability | — | — | — | $273,422 | $273,422 |
| CIC — No Termination | — | $840,100 | — | — | $840,100 |
| CIC — Double Trigger | $3,080,000 | $840,100 | $19,230 | $273,422 | $4,212,752 |
- Double-trigger required for CIC cash severance and equity vesting; no excise tax gross-ups; benefits contingent on release, non-compete and non-solicitation covenants (with clawback upon breach) .
- Equity treatment: unvested awards generally do not vest on CIC unless not rolled over; double-trigger vesting applies; RSUs/PSUs paid pro rata at target for incomplete periods upon qualifying termination; options subject to plan exercise rules (up to 3 years in certain retirements) .
Other Compensation Elements (Currier, 2024)
| Component | Amount |
|---|---|
| Pension Value Change | $262,231 |
| Above-Market NQDC Interest | $650 |
| All Other Compensation (match, aircraft, insurance) | $64,139 |
Multi-Year Compensation Summary (NEO – Currier)
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Salary (actual paid) | $531,560 | $756,538 |
| Stock Awards (RSUs + PSUs) | $2,469,418 | $2,557,379 |
| Option Awards | $919,053 | $852,471 |
| Non-Equity Incentive Plan Comp | $829,692 | $1,017,522 (ICP $840,100 + PCU $177,422) |
| Change in Pension Value & NQDC | $99,247 | $262,881 |
| All Other Compensation | $46,413 | $64,139 |
| Total Compensation | $4,895,383 | $5,510,931 |
Say‑on‑Pay & Shareholder Feedback (2025)
- 2025 advisory vote approved: For 449,212,927; Against 29,309,661; Abstain 2,865,363; Broker non-votes 72,531,204 .
Board Governance
- Honeywell compensation practices include robust clawback (Exchange Act Rule 10D‑1 compliant), double‑trigger CIC, no hedging/pledging, no options repricing, maximum payout caps, options at fair market value, and independent compensation consultant .
Performance & Track Record Highlights
- 2023 Aerospace: >$13.6B revenue (+15% YoY), margin rate 28.1% (+40 bps); >2,600 avionics/APU selections, including 650-aircraft United deal; advanced platform certifications and SAF operations .
- 2024 Aerospace Technologies: $15.5B revenue (+13% YoY, +11% organic); >$41B lifetime program wins (e.g., Bombardier est. $17B); aftermarket RMU +17%; new product revenue +23%; defense & space $6.1B with double‑digit organic growth; acquisitions totaling ~$2.2B (CAES Systems, Civitanavi) .
Compensation Structure Analysis
- Pay mix: Significant at-risk compensation through ICP and PSUs; PSUs tied to multi-year operational metrics and relative TSR (25%), aligning payouts with sustained performance .
- 2024 ICP formulaic payout 98% at AT level; corporate portion at 93%, evidencing linkage to revenue, income, and FCF outcomes with calibrated payout curves .
- One-time separation award ($3M) for Aerospace spin-off creates strong retention and event-aligned incentives (50% vest at separation, 50% at first anniversary) .
- No hedging/pledging; clawback policy broader than SEC/Nasdaq requirements; no excise tax gross-ups .
Investment Implications
- Retention and execution: The $3M separation-tied LTI with cliff vesting around the spin strengthens leadership continuity through the transaction and reduces near-term selling pressure via mandatory net-share holding rules .
- Alignment: Multi-year PSUs with operational metrics and relative TSR, plus strict ownership/holding requirements and ban on hedging/pledging, align Currier’s incentives with long-term value creation .
- Performance signal: AT delivered strong growth in 2023–2024 and ICP payouts reflect formulaic alignment to revenue/income/FCF; prior PCU payouts (133%) indicate consistent execution, though margin shortfalls at AT in 2022–24 PCU reduced that leg to 0%—a useful check on balanced metric design .
- Governance risk appears low: high “For” vote counts on 2025 say‑on‑pay and robust policies (double‑trigger CIC, clawbacks, no repricing) mitigate compensation/governance red flags .