The CFOnis leaving for "personal reasons"?? What was he refusing to do that Darius wanted? Perhaps ending pensions or selling the pension to an insurance company as interest rates climb?
In the Investors call in February Slozek mentioned they investigated selling pension to Insurance company for past several years but it didn't drive enough Share Holder value
Maybe the new CFO has orders to make the numbers work? Anyone in Finance have insight or who worked on the calculation in the past know?
Politics 101. He is "leaving" becuz DA wants his own boy in there. You people don't have a clue. This has been "whispered" for a long time.
1ykd - your analysis seems right (putting debt, liabilities, etc. on the spin off), especially if there is a way for them to structure the spin off in such a way so that it does not have any negative effect on the Honeywell share price.
Maybe he couldn't stomach 8 week severance pay terms that seem to be the norm at DXC. https://www.thelayoff.com/t/T6sgTxr#replies
CFOs have playing the cash management to the max for years - delaying payments to suppliers up to 120 days and trying to pull payments from customers in. I saw cash issues getting really bad this year when they announced a big, big increase in free cash flow and frankly I don't see how they can pull it off without a big increase in revenue that ain't going to happen. Or at least, isn't under Honeywell's control.
As for "just make the numbers," that has been the mantra for years leading to the various insanities that have occurred, so maybe he figured out that the numbers won't be made. Maybe he didn't want to be part of whatever accounting magic they want to pull with the spinoffs. They could potentially structure them with heavy debt, liabilities, etc. that will doom them in a couple of years.
Any how, to be relevant to this site, I don't see how even more cost cutting layoffs and movement of touch labor offshore can be avoided this year in order to "make the numbers."
CFO leaves and now every townhall is about cash management. Emphasis on going to become a “cash business”. Do the math. Somebody was not keeping track of the money and now sales are suffering as we try to get customers or our vendors to pay for the infrastructure needed to make product. This will result in predictable RIFs in businesses and functions that are funded by capital or research dollars. They don’t have the cash.
Having dealt with T.S in the past, I'm pretty sure there is nothing that he wouldn't do if he was told by the CEO to do it. If he had a conscience, he would have been gone long ago.