NEW YORK – Honeywell International Inc. on Tuesday said David Cote, chairman and chief executive of TRW Inc. , the aerospace and automotive group, will replace Lawrence Bossidy as Honeywell CEO.
Cote, 49, will leave Cleveland-based TRW immediately to take over as Honeywell president and CEO, Honeywell said in a statement.
Bossidy, a former Honeywell chairman who was brought back to rebuild the business after European regulators killed a proposed merger with General Electric Co. , will stay on as chairman and a member of the board until he retires on June 30, Honeywell said.
Cote will then also assume the role of chairman at Honeywell, a diversified manufacturer that makes everything from aircraft electronics to home security alarms. Honeywell has customers in many of the same industrial sectors as TRW.
Bossidy said when he was reappointed in July 2001 that he would only stay for one year before heading back into retirement.
TRW said its board has established a new chief executive office, consisting of senior managers who will oversee the company while it searches for a permanent successor to Cote.
Philip Odeen will be the non-executive chairman, TRW said. He had been president and chief executive at BDM International Inc. before TRW acquired it, and later became TRW's lead executive in Washington.
TRW also reaffirmed 2002 earnings and cash flow guidance, which called for a profit of $3.30 per share and $500 million in cash flow.
Shares of Honeywell fell 99 cents to $32.65 on the New York Stock Exchange, while TRW slid $3.29 to $41.75 on the NYSE.