Honeywell names new president, ceo

Staff -- Home Textiles Today, 2/25/2002 12:00:00 AM

MORRIS TOWNSHIP, NJ —

Honeywell last week announced that its board of directors had elected David Cote as the new president, ceo and member of the board, effective immediately.

Prior to his appointment, Cote served as chairman, president and ceo of TRW, the $16 billion Cleveland-based products and services provider for the space, defense and automotive markets. Before joining TRW, he spent 25 years in management and leadership positions at General Electric.

Lawrence Bossidy will remain chairman and a member of Honeywell's Board until June 30, when he will retire from the company and relinquish both positions. Cote will then become chairman.

"Dave Cote is a hands-on leader who understands how to build businesses, motivate people and compete relentlessly in diverse sectors and end markets," Bossidy said. "His skills and experiences at TRW and GE make him exceptionally well-prepared to lead Honeywell to the next level."

Cote said: "We will continue to build on our franchises in aerospace and automation and control solutions and our growing strengths in specialty materials and transportation and power systems by offering our customers innovative solutions and our employees a great place to develop and work."

In other related company news, Honeywell has reaffirmed that it expects full-year 2002 EPS to be approximately $2.36 and first-quarter EPS to range from $0.44 to $0.46, with both estimates including the effects of new goodwill accounting rules.