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== Career ==
== Career ==
===General Electric===
===General Electric===
Cote joined [[General Electric]] full-time in November 1976, where he served over twenty years. He transitioned from his hourly production work at the [[General Electric]] aircraft-engine plant in New Hampshire to a full-time auditing job at another GE plant in [[Massachusetts]].<ref name="fortune" /> In 1985, an unexpected meeting with CEO [[Jack Welch]] became the catalyst for Cote's advancement at GE.<ref name="fortune">{{cite news|last=Tully|first=Shawn|title=How Dave Cote got Honeywell's groove back|url=http://fortune.com/2012/05/14/how-dave-cote-got-honeywells-groove-back/|accessdate=30 November 2016|newspaper=Fortune Magazine|date=14 May 2012}}</ref> Welch promoted Cote three levels of management, progressing through a series of positions in manufacturing, finance, marketing, strategic planning and general management. He became corporate senior vice president and president and CEO of GE Appliances in 1996.<ref name="fortune" />
Cote joined [[General Electric]] full-time in November 1976, where he served over twenty years. He transitioned from his hourly production work at the [[General Electric]] aircraft-engine plant in New Hampshire to a full-time auditing job at another GE plant in [[Massachusetts]].<ref name="fortune" /> In 1985, his handling of an interaction with CEO [[Jack Welch]] became the catalyst for Cote's advancement at GE.<ref name="fortune" /> Welch promoted Cote three levels of management. Over his career there, he held positions in manufacturing, finance, and general management of GE Appliances in 1996.<ref name="fortune" />


===TRW===
===TRW===

Revision as of 23:12, 13 December 2016

David Cote
Born
David M. Cote

(1952-07-19) 19 July 1952 (age 72)
Manchester, New Hampshire, U.S.
EducationPembroke Academy
Alma materUniversity of New Hampshire
Children3 (2 from first marriage, 1 from second)[1]
Dave Cote presented CEO of Year Award 2013
Cote cuts the ribbon with Richard Walden to open the Ecole Nationale Jacob Martin Henriquez school in Jacmel, Haiti on March 11, 2011.

David M. "Dave" Cote (born July 19, 1952)[citation needed] is an American businessman and chairman and chief executive officer (CEO) of Honeywell, a large American multinational conglomerate. He is one of the highest paid executives in America. Before Honeywell, Cote worked for General Electric and TRW.

Early life

Cote was born in Manchester, New Hampshire and graduated from Pembroke Academy in Pembroke, New Hampshire in 1970.[3] The following year, Cote enrolled at the University of New Hampshire,[4] and while attending UNH full-time, he worked an hourly job on the night shift at a nearby GE jet engine plant.[4] In 1976, he graduated from the University of New Hampshire with a bachelor's degree in business administration.[4][5]

Career

General Electric

Cote joined General Electric full-time in November 1976, where he served over twenty years. He transitioned from his hourly production work at the General Electric aircraft-engine plant in New Hampshire to a full-time auditing job at another GE plant in Massachusetts.[4] In 1985, his handling of an interaction with CEO Jack Welch became the catalyst for Cote's advancement at GE.[4] Welch promoted Cote three levels of management. Over his career there, he held positions in manufacturing, finance, and general management of GE Appliances in 1996.[4]

TRW

In November 1999, Cote joined TRW as president and COO of the $16 billion Cleveland-based products and services provider for the automotive, aerospace and information technology markets where he introduced the Six Sigma management system to reduce defects in manufacturing.[6][7] In February 2001, Cote was appointed CEO, and later chairman of the board.[8] Cote led the creation of the TRW subsidiary Velocium, which manufactured ultra-high-speed semiconductors.[9]

In February 2002, Cote announced he would be leaving TRW. Reportedly, the news surprised employees and some executives, who learned of Cote's departure hours before the announcement.[10][11]

Honeywell

Honeywell selected Cote as successor to Lawrence Bossidy, following the Allied Signal acquisition of Honeywell and European Union's rejection of Honeywell's merger with General Electric.[12] On February 19, 2002, Cote was elected president, CEO and a member of the board of directors at Honeywell. After Bossidy retired as chairman, in July 2002, Cote was elected chairman of the board.[12]

The year Cote took office, Honeywell lost $220 million that year.[13] Immediately, Cote instituted conservative accounting to streamline costs. In an effort to reduce the unpredictability of asbestos-plus-environmental expenses, Cote led Honeywell to establish a trust for claims and reclaim soil at chemical plants. As a result, that expense is consistently $150 million a year, after-tax.[14] Cote led improved quality in design, increased production, and lower production costs[15] and is credited for Honeywell's productivity management system for administrative functions such as finance, IT and HR.[16] During the 2008-2009 recession Cote and his executive team instituted furloughs to reduce overall operating costs rather than lay off workers.[14][17] As of June 2016, Honeywell's market value has risen from $20 billion to $87 billion under Cote's leadership since 2002, which led to shareholder gains of 556%.[18]

While CEO of Honeywell International in 2015, Cote earned a total compensation of US$25,053,000 which included a base salary of $1,890,000, an annual bonus of $5,700,000, and $10,338,000 in stock options.[19]

In June 2016, it was announced that Cote would step down as CEO at Honeywell at the end of March 2017. He will be succeeded by Darius Adamczyk. Cote will continue as executive chairman through April 2018.[20]

Banking appointments

Cote was a member of the board of directors at JPMorgan Chase and an advisor to Kohlberg Kravis Roberts (KKR). In 2012, Cote came under criticism as one of the three members of JP Morgan Chase's risk committee, after CEO Jamie Dimon said on May 10, 2012 that the firm’s chief investment office suffered a $2 billion loss trading credit derivatives.[21] Commentators identified a lack of relevant expertise among the members of the committee, identifying Cote and a museum official who also served, in particular for their lack of banking experience.[22]

In February 2014 it was announced that Cote would fill a vacancy on the board of the New York Federal Reserve. Simon Johnson, former chief economist of the International Monetary Fund, writing in The New York Times, raised doubts about the suitability of Cote's appointment, noting the "systematic breakdown of compliance and risk control" during the period when Cote was on the board of JPMorgan Chase, whilst also noting that some, but not all, of the problems there pre-dated Cote's appointment.[23] The election papers did not mention Cote's role at JPMorgan Chase in his candidate C.V.[24]

Other appointments

Cote was a member of the Executive Committee of The Business Council for 2011 and 2012.[25]

He is currently a member of the Energy & Environment Committee of the Business Roundtable.[26]

Political lobbying

In 2010, President Obama named Cote as one of the Chief Executives he most admired.[27] In 2009, Cote was invited to the White House to meet the President for a briefing on the US economic recovery plan[28] and in November 2009, he was one of 12 businesspeople asked by the White House to host the US-India CEO Forum, which Cote and Ratan Tata co-chaired.[29] In February 2010, Cote was selected by President Obama to be on the National Commission on Fiscal Responsibility and Reform, more commonly known as the debt panel.[30][31]

Deficit reduction

Cote is a co-founder of Fix the Debt, a group of executives and former legislators who campaign for deficit reduction and tax reform. In a 2013 interview with the New Hampshire Union Leader, Cote identified the problem of debt reduction in the United States as being the fact that "Washington is ruled by fear of voters ... and the three 'h's' prevail—hysteria, histrionics and hyperbole". He also framed the options for deficit reduction in terms of either increases in taxes or a reduction in social security benefits, saying, "If you have people saying, 'Don't raise my taxes, but don't cut my benefits,' it makes it really difficult to get anything done."[32]

Kevin Connor, director of the Public Accountability Initiative, as quoted in The New York Times, identified a possible conflict of interest between the broad objectives of the group and the reality of their day to day lobbying of Washington for favorable tax treatment of their own industries and continued government spending on programs that benefit their companies. He also pointed out that the group calls for a reduction in government spending on social security but not on defence spending, a major business area for Honeywell. "It’s easier to get face time in Washington as a deficit hawk than as a corporate hack," he said, continuing "They are spending millions, but they are protecting billions in defense contracts and tax giveaways that would otherwise be on the chopping block."[33]

In March 2014, Cote presented his views on deficit reduction and American competitiveness to the House Committee on Financial Services of the United States House of Representatives.[34]

Awards

  • 2014 Horatio Alger Award for Distinguished American[35]
  • 2014 World's Best CEOs, Barron's[36]
  • 2013 Chief Executive of the Year, Chief Executive Magazine[37]
  • 2013 Excellence in Ethics Award, American Institute of Chemical Engineers (AIChE)[38]
  • 2013 American Australian Association Award[39]
  • 2013 Corporate Leadership Award, TechAmerica Foundation[40]
  • 2013 World's Best CEOs, Barron's[41]
  • 2013 Top 100 Leaders in Science, Technology, Engineering, and Math (STEM), STEMConnector[42]
  • 2011 The Distinguished Achievement Award from B’nai B’rith International[43]
  • 2011 Honorary Doctor of Humane Letters, University of New Hampshire[42]
  • 2001 Honorary Juris Doctorate, Pepperdine University Graziadio School of Management[44]

References

  1. ^ "David M. Cote 1952–". Reference for Business. Retrieved 22 January 2015.
  2. ^ "Executive Profile: David M. Cote J.D." Businessweek. Retrieved 22 January 2015.
  3. ^ "NH native Cote to receive Horatio Alger Award". New Hampshire Union Leader. Retrieved March 22, 2014. {{cite web}}: Cite has empty unknown parameter: |1= (help)
  4. ^ a b c d e f Cite error: The named reference fortune was invoked but never defined (see the help page).
  5. ^ Machan, Dyan. "Mr. Cote Goes to Washington". Barron's. Retrieved 30 November 2016.
  6. ^ Beetz, Kirk H. "Cote, David M. 1952–." International Directory of Business Biographies. Ed. Neil Schlager. Vol. 1. Detroit: St. James Press, 2005. 323–24.
  7. ^ White, Joseph B. (12 November 1999). "TRW Names Cote Its No. 2 In Blow to GE". Wall Street Journal. {{cite news}}: |access-date= requires |url= (help)
  8. ^ "David Cote". Forbes. Archived at Internet Archive.
  9. ^ "David M. Cote". Reference for Business. Retrieved 16 June 2015.
  10. ^ Pasztor, Andy "Honeywell Names TRW's Cote As Successor to Retiring Chairman", Wall Street Journal, A.6, 26 June 2010.
  11. ^ Pae, Peter (20 February 2002). "TRW Chief Leaves for Honeywell Post". Los Angeles Times. Retrieved 14 October 2014.
  12. ^ a b Beetz, Kirk H. "Cote, David M. 1952–." International Directory of Business Biographies. Ed. Neil Schlager. Vol. 1. Detroit: St. James Press, 2005. 323-324.
  13. ^ Cite error: The named reference :2 was invoked but never defined (see the help page).
  14. ^ a b Tully, Shawn, "How Dave Cote got Honeywell's groove back." 14 May 2012, Fortune Magazine.
  15. ^ Williams, Lee (2007). "Accelerating Product Development in a Global Enterprise" (PDF). ANSYS Advantage. 1 (1): 36,37. Retrieved 15 March 2014.
  16. ^ "Honeywell International's CEO Presents at Electrical Products Group Conference (Transcript)". Seeking Alpha. Retrieved 17 March 2014.
  17. ^ Cote, David "Honeywell’s CEO on How He Avoided Layoffs", Harvard Business Review, June 2013.
  18. ^ Black, Thomas. "Honeywell Names Adamczyk to Succeed Cote as CEO in March". Bloomberg.com. Retrieved 30 November 2016.
  19. ^ "Honeywell 2016 Proxy Statement". Honeywell. Retrieved 30 November 2016.
  20. ^ Mann, Ted. "Honeywell CEO Cote to Step Down in March". The Wall Street Journal. WSJ. Retrieved 29 June 2016.
  21. ^ Kopecki, Dawn; Abelson, Max (2012-05-25). "JPMorgan Gave Risk Oversight to Museum Head With AIG Role". Bloomberg.
  22. ^ "JPMorgan Gave Risk Oversight to Museum Head With AIG Role". Bloomberg News, 26 May 2012. Retrieved 17 March 2015.
  23. ^ "Two Steps Forward and One Step Back for the Federal Reserve" Simon Johnson, The New York Times, 20 February 2014. Retrieved 12 March 2015.
  24. ^ Election of Class B Director. Federal Reserve Bank of New York, 18 February 2014.
  25. ^ The Business Council, Official website, Executive Committee
  26. ^ David M. Cote, Business Roundtable.
  27. ^ "President Obama's favorite CEOs not from Wall Street" Victoria McGrane, Politico, 12 February 2010. Retrieved 12 March 2015.
  28. ^ "Dave Cote Introduces President Obama at White House Media Briefing on U.S. Recovery Plan « Honeywell Now – Keeping you up to date on Honeywell". Honeywellnow.com. 2009-01-27. Retrieved 2010-03-16.
  29. ^ "Statement by the Press Secretary on the U.S. – India CEO Forum | The White House". Whitehouse.gov. 2009-11-23. Retrieved 2010-03-16.
  30. ^ "Obama Names Debt Commission Picks". Huffington Post. 2010-02-26.
  31. ^ "NH native Cote to receive Horatio Alger Award". New Hampshire Union Leader. Retrieved March 22, 2014. {{cite web}}: Cite has empty unknown parameter: |1= (help)
  32. ^ "Honeywell CEO, a Manchester native, takes on deficit, Social Security crisis". Dave Solomon, New Hampshire Union Leader, 11 February 2013. Retrieved 17 March 2015.
  33. ^ "Public Goals, Private Interests in Debt Campaign" Nicholas Confessore, The New York Times, 9 January 2013. Retrieved 12 March 2015.
  34. ^ Testimony of David M. Cote Chairman and CEO Honeywell Before the House Committee on Financial Services United States House of Representatives Washington, DC March 25, 2014. Retrieved 17 March 2015.
  35. ^ "Horatio Alger Distinguished American Award" (PDF). Horatio Alger Association. Retrieved 24 February 2014.
  36. ^ Bary, Andrew "World's Best CEOs", 22 March 2014, Barron's.
  37. ^ Donlon, JP (2013-05-31). "Chief Executive Magazine Names Honeywell CEO David Cote 2013 CEO of the Year". Chief Executive magazine.
  38. ^ "American Institute of Chemical Engineers Leadership Awards". American Institute of Chemical Engineers. Retrieved 24 February 2014.
  39. ^ "American Australian Association Award Announcement". American Australian Association. Retrieved 18 February 2015.
  40. ^ "TechAmerica Foundation Award". TechAmerica Foundation. Retrieved 24 February 2014.
  41. ^ Bary, Andrew (25 March 2013). "Barron's Names World's Best CEOs". Barron's. Retrieved 24 February 2014.
  42. ^ a b "Top 100 Leaders in Science, Technology, Engineering, and Math". STEMConnector. Retrieved 24 February 2014.
  43. ^ "Foundations and Corporate Giving" B'nai B'rith International web site.
  44. ^ "Cote Receives Top Corporate Leadership Award". TechAmerica Foundation. Retrieved 25 February 2014.
Wikimedia Commons has media related to David M. Cote.

DEFAULTSORT:Cote, David M. Category:1952 births Category:Living people Category:American chief executives of Fortune 500 companies Category:Directors of JPMorgan Chase Category:General Electric people Category:Honeywell Category:People from Morristown, New Jersey Category:New Jersey Republicans Category:University of New Hampshire alumni Category:People from Manchester, New Hampshire

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