David M. Cote
American businessman (born 1952)
David M. Cote (born July 19, 1952) is an American businessman. Cote previously worked for General Electric and TRW Inc.2
From Wikipedia’s article on David M. Cote (this version), CC BY-SA 4.0.
Born Jul 19, 1952.1
About
Cote also sat on the JP Morgan Chase risk committee during the period in which the firm lost $6 billion trading credit derivatives. Cote stepped down as CEO at Honeywell at the end of March 2017 and was succeeded by Darius Adamczyk. Cote is currently the executive chairman of Vertiv.
From Wikipedia’s article on David M. Cote, shared under CC BY-SA 4.0.2
Companies
Early life and education
Cote was born in Manchester, New Hampshire, and graduated from Pembroke Academy in Pembroke, New Hampshire, in 1970. The following year, Cote enrolled at the University of New Hampshire, and while attending UNH full-time, he worked an hourly job on the night shift at a nearby GE jet engine plant. In 1976, he graduated from the University of New Hampshire with a bachelor's degree in business administration.
From Wikipedia’s article on David M. Cote (this version), CC BY-SA 4.0.
Career
Occupation: entrepreneur.5
General Electric
Cote joined General Electric full-time in November 1976, and worked there for more than 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. In 1985, his handling of an interaction with CEO Jack Welch became the catalyst for Cote's advancement at GE. Welch promoted Cote three levels of management. Over his career there, he held positions in manufacturing, finance, marketing, strategic planning and general management, before becoming CEO of GE Appliances in 1996.
TRW
In November 1999, Cote joined TRW as president and COO where he introduced the Six Sigma management system to reduce defects in manufacturing. In February 2001, Cote was appointed CEO, and later chairman of the board. Cote led the creation of the TRW subsidiary Velocium, which manufactured ultra-high-speed semiconductors.
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.
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Honeywell
Honeywell selected Cote as successor to Lawrence Bossidy, following the AlliedSignal acquisition of Honeywell and European Union's rejection of Honeywell's merger with General Electric. Cote was elected CEO, president, and a member of the board of directors on February 19, 2002. He was elected chairman of the board on July 1, 2002.
The year Cote took office, Honeywell lost $220 million. Cote instituted conservative accounting to streamline costs. In an effort to reduce the unpredictability of asbestos-plus-environmental expenses, Honeywell established a trust for claims and reclaim soil at chemical plants. As a result, that expense is consistently $150 million a year, after-tax. Honeywell saw improved quality in design, increased production, and lower production costs after it implemented a new productivity management system. During the 2008-2009 recession, the company instituted furloughs to reduce overall operating costs rather than lay off workers. 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. During his tenure at Honeywell, the company's donations via its political action committee rose from $200,000 in 2002 to $8 million in 2014.
Cote stepped down as CEO at Honeywell at the end of March 2017 and was succeeded by Darius Adamczyk. Cote continued as executive chairman through April 2018.
Vertiv
Since February 7, 2020, Cote has been the executive chairman of Vertiv.
From Wikipedia’s article on David M. Cote (this version), CC BY-SA 4.0.
Personal life
Links
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataDavid M. Cote on Wikidata
- 2WikipediaDavid M. Cote on Wikipedia
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- 8WikidataVertiv, Chair