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Honeywell names new CEO
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February 19, 2002: 4:42 p.m. ET
Honeywell appoints TRW top exec David Cote as president and CEO.
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NEW YORK (CNN/Money) - David M. Cote is leaving his position as top executive of TRW to take charge of Honeywell.
The companies said Tuesday that Cote, 49, resigned as chairman, president and CEO of auto parts and aerospace company TRW to become president and CEO of Honeywell, effective immediately.
Honeywell (HON: Research, Estimates) said Lawrence Bossidy will remain chairman of the company until his retirement in June, and Cote will then assume that position.
TRW (TRW: Research, Estimates) said a chief executive office, comprising top executives, will direct the company while it looks for a permanent successor.
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David Cote | |
"I am grateful for the confidence Larry and the board have expressed in me and I look forward to working closely with Larry during our transition," Cote said in a statement.
"The path ahead is clear," he said. "We will continue to build on our world-class 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.
Honeywell also affirmed its 2002 earnings target of about $2.36 per share, while TRW affirmed its 2002 earnings goal of $3.30 per share before unusual items. 
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