New Honeywell Chief Streamlines Internal Reporting

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Honeywell International Inc.'s new chief executive officer, Lawrence Bossidy, has streamlined internal reporting procedures to match the way the company's business segments are aligned.

Bossidy, the former company CEO, was brought back last week from retirement after the company's $43 billion merger with General Electric collapsed. He told employees that instead of reviewing multiple reports from the different segments, he will now get only one from each, spokesman Tom Crane said Friday.

The high-tech manufacturer has four business segments: transportation and power systems; automation and control technology and services; specialty materials, and its $10 billion-a-year aerospace business, which makes products from jet engines to electronics and flight safety equipment.

"We're going to shake this place up a little bit," Bossidy told The Star-Ledger of Newark for Friday's editions.

"I'm not here to dismantle this company or to sell the company," he told the newspaper. "We've got some issues we have to address, and we're going to take those on."

Analysts have said that Honeywell suffered from being in limbo while it awaited approval of the GE merger, and now must get back on track and restore employee morale.

Separately, Crane said Honeywell executive vice president and chief operating officer Giannantonio Ferrari, 61, was retiring this weekend after 40 years with Honeywell.

Ferrari had been president and chief operating officer of Minneapolis-based Honeywell, which in December 1999 was acquired by AlliedSignal.

The combined company took Honeywell's better-known name but made its headquarters at AlliedSignal's Morris Township base.