The award recognizes the transformation of Honeywell under Cote's leadership over the past decade. During that time, Honeywell has increased sales by 71 percent to $37.7 billion, pro forma EPS [1] by 197 percent to $4.48, and delivered a total shareowner return of 240 percent, consistently outperforming the S&P 500 during that timeframe.
Today, Honeywell is a global company, with 54 percent of sales coming from outside the U.S. versus 41 percent ten years ago. Since 2003, Honeywell has made more than 75 acquisitions and 50 divestitures, building great positions in good industries around the world.
"It's a great honor to be recognized as Chief Executive's CEO of the Year," said Cote. "I'm proud of Honeywell's performance and the terrific returns we've provided our shareowners. We've transformed Honeywell into a global growth company, led by common initiatives, behaviors, and processes. Our 'One Honeywell' culture has been a powerful piece of our growth story because people are our ultimate differentiator. Our portfolio has evolved from a largely manufacturing base to today where half of our business comes from software development. Our focus on seed planting and re-investing in our businesses, products, and services will continue because it's working. We've achieved a lot over the past decade, but I'm even more excited about our future because the best is yet to come for Honeywell."
Cote was appointed by President Obama to serve on both the bipartisan National Commission on Fiscal Responsibility and Reform (commonly known as the Simpson-Bowles Commission) and the U.S.-India CEO Forum. He's been a leading voice and Steering Committee member of the Campaign to Fix the Debt and is widely quoted by top-tier media on how debt reduction must continue to be our top priority to grow the U.S. economy at a pace that will create new jobs. In addition to debt reduction, Cote's outline for an American Competitiveness Agenda includes energy policy, free trade, infrastructure, math and science education, and tort reform.
"Chief Executive Magazine is proud to recognize Dave as CEO of the Year," said Bob Nardelli, Founder and CEO of XLR-8 and a member of the magazine's selection committee. "He has led a remarkable transformation at Honeywell, executing on a vision and rebuilding trust and credibility over the past decade. Not only is Dave a respected leader in the business community, but he is also a leading voice for business in Washington."
Nominations for CEO of the Year were garnered from Chief Executive Magazine's 124,000 readers. The ten most frequently cited nominations were evaluated and a winner was voted upon by a peer Selection Committee consisting of CEOs from leading global corporations.
"Receiving the honor of CEO of the Year is very rewarding," concluded Cote. "I'm confident that Honeywell's future performance will further validate Chief Executive Magazine's selection."
Cote received the Corporate Social Responsibility Award from the Foreign Policy Association in 2007, the Distinguished Achievement Award from B'nai B'rith International in 2011, the Asia Society's Global Leadership Award in 2012, and the Peter G. Peterson Award for Business Statesmanship from the Committee for Economic Development in 2012. In 2013, Cote was recognized as one of the World's Best CEOs by Barron's magazine, and honored with the Corporate Leadership Award by the TechAmerica Foundation.
Cote's selection as 2013 CEO of the Year will be celebrated at an event hosted by Chief Executive in partnership with NYSE at the New York Stock Exchange on Thursday, July 25. For more information, go to http://chiefexecutive.net/2013-ceo-of-the-year-david-cote-honeywell.
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements. We identify the principal risks and uncertainties that affect our performance in our Form 10-K and other filings with the Securities and Exchange Commission.
[1] Proformas exclude pension mark-to-market expense of $0.79 and $0.12 per share for 2012 and 2003 respectively.
SOURCE Honeywell
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