Honeywell Names New CEO

Honeywell (HON) named David Cote president and chief executive, replacing Lawrence Bossidy, who reclaimed the reins at the industrial conglomerate after the company's proposed merger with General Electric (GE) fell through last year.

Bossidy will remain chairman until June 30. Cote, 49, previously served as chairman, president and CEO of TRW ( TRW). Before joining TRW, Cote spent 25 years in various management and leadership positions at GE. He is slated to become chairman when Bossidy steps down from that post.

Honeywell also said it expects first-quarter earnings of 44 cents to 46 cents a share and full-year earnings of $2.36. According to First Call, analysts expect a first-quarter profit of 45 cents and full-year earnings of $2.35.

Shares of Honeywell ended down 99 cents, or 2.9%, at $32.65. TRW lost $3.29, or 7.3%, to $41.75.

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