Honeywell announces that David M. Cote is the new president and CEO of the company, effective immediately. Cote, 49, was elected to the post by the company’s board of directors. Lawrence Bossidy, the previous president and CEO, will remain chairman and a member of the board of directors until June 30. He will then retire from the company and relinquish his position on the board. Cote will then assume the chairmanship.

Prior to joining Honeywell, Cote served as chairman, president and CEO of TRW, a $16 billion Cleveland-based product and service provider to the space, defense, and automotive markets. Before that, Cote spent 25 years in management with General Electric (GE).

Bossidy says, “Dave Cote is a hands-on leader who understands how to build businesses, motivate people and compete relentlessly in diverse sectors and end markets. His skills and experiences at TRW and GE make him exceptionally well-prepared to lead Honeywell to the next level. I am delighted that the board concluded that Dave is the very best choice for the next CEO of Honeywell.”

Cote says, “Honeywell is a great company with great people, customers and products. I’m excited by this opportunity to lead it and achieve the company’s ambitious plans for the future.”

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