Honeywell Pres., CEO Named Chairman
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MORRIS TOWNSHIP, N.J. (AP) _ Honeywell International’s president and chief executive, David M. Cote, has also taken on the job of chairman of the board, the diversified high-tech manufacturer said Monday.
The move had been planned and coincided with the retirement of board chairman Lawrence A. Bossidy. The highly regarded chief executive had been brought back from his first retirement last July to stabilize the company after the unexpected collapse of its merger with General Electric.
Cote, 49, is a longtime executive at various General Electric companies and former president and chief executive of defense and automotive products maker TRW. He took over as Honeywell’s president and chief executive Feb. 19.
Bossidy continued to lead the board of directors until now to smooth the transition.
With $24 billion in annual sales, Morris Township-based Honeywell is a leading maker of aerospace and automotive products, power generation systems, control technology for industry and buildings, chemicals, fibers and advanced materials.
Shares of Honeywell were down 91 cents, or nearly 2.6 percent, to close at $34.32, in trading Monday on the New York Stock Exchange, but gained 42 cents in extended trading.
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