That doesn't mean the manufacturing giant founded by Thomas Edison in the late 1800s will be in limbo from the time the 55-year-old Flannery takes the reins from Jeffrey Immelt on August 1 until he presents his strategy to investors in November.
Mr. Flannery is meeting with investors and visiting the business units of the roughly 300,000-person company.
"We are very conscious of not letting this slow us down", said Chief Financial Officer Tom Szlosek in an interview.
Strength in its aerospace division as well as the home and building-technologies business helped Honeywell's latest results.
Revenues in the company's power segment rose 5% to $6.97 billion and aviation segment sales were flat at $6.53 billon.More news: Sears Goes To Amazon In Search Of A Lifeline
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Both GE and Honeywell are facing pressure from activist investors.
Despite re-examining its spending, GE said it won't consider reducing its dividend payout, which Mr. Bornstein called "the single most important capital allocation item that we have". They have cut $670 million from their industrial structural costs this year so far, and they're on track to meet or surpass their target of $1 billion in cost reductions for this year. Revenue came in at $29.56 billion, surpassing estimates of $29.02 billion.
Flannery, who´s career with GE spans three decades has latterly been charged with running the company´s healthcare arm.
The company reported a 53 percent drop in profit to $1.37 billion, or 13 cents per share.
By Moody's Corporation (Moody's Corporation) [Public domain], via Wikimedia CommonsMoody's Q2 2017 earnings amounted to $1.61 per share on a GAAP basis, compared to $1.30 per share in the year-ago quarter.
Imani Moise contributed to this article.