Honeywell’s aerospace division has registered with the US Securities & Exchange Commission (SEC) to become an independent publicly traded company, moving the business closer to finalising a separation expected to be completed in the third quarter.
Documents filed with the SEC also reveal details about Honeywell Aerospace’s post-spin-off leadership team, including executives salaries.
The company on 3 March filed with the SEC a Form 10 – a document used to register securities with the regulator. The move comes as parent Honeywell prepares to complete the planned divestiture of Honeywell Aerospace into a standalone entity.
Honeywell has said the move will help Honeywell Aerospace better focus on its core business.
“Honeywell Aerospace continues to build momentum as we approach our public debut in the third quarter,” Honeywell Aerospace chief executive Jim Currier says of the pending separation. “Honeywell Aerospace is well-positioned to capitalise on resilient travel demand, growing global defence budgets and our record backlog.”
Currier, age 59, is set to retain his position as Honeywell Aerospace CEO following the spin-off, at a $1.4 million annual salary, plus two types of annual bonuses, securities filings show. Those bonuses include an annual short-term incentive payment targeted to be 175% of Currier’s salary, and annual stock-based “long-term incentives” targeted to be worth $13 million.
Honeywell Aerospace will peg the bonuses to factors including the company’s financial performance and executives’ individual performance.
By comparison, Currier in 2025 earned an $826,269 annual salary, with his total compensation that year, including bonuses and awards, coming to $6.4 million, according to Honeywell filings.
In February last year, Honeywell also granted Currier a “one-time equity” award in exchange for remaining with the company through the transformation and spin-off. That award, which vests over time, includes options to purchase 43,335 shares of Honeywell stock at $198.89 each (coming to $8.6 million) and a separate award of 6,168 shares of Honeywell stock.
Honeywell Aerospace’s newly filed Form 10 reveals other executives’ salaries.
The company will pay newly hired chief financial officer Joshua Jepsen, 48, an annual salary of $1 million, plus targeted annual bonuses of $5.4 million. Honeywell additionally agreed to pay Jepsen a $1.5 million “cash sign-on bonus” (repayable if he resigns or gets fired with cause within 36 months) and $10 million in “sign-on equity” (which vests over three years).
Jepsen comes to Honeywell Aerospace after having been CFO of tractor company Deere.
Robert Buddecke, 57, who has been president of Honeywell Aerospace’s electronic solutions business, will become CEO of that business following the spin-off, earning a $690,000 base salary.
Honeywell veteran Richard DeGraff, 53, will earn $640,000 in annual salary as CEO of Honeywell Aerospace’s control systems business, John Donofrio, 64, will earn $775,000 annually as general counsel, and chief human resources officer Karen Arlak, 57, will earn $590,000 annually.
Those executives are also set to receive annual cash and stock bonuses, the financial filing shows.
