MORRIS TOWNSHIP, N.J. –- Honeywell’s board of directors has elected David M. Cote, 49, to serve as president, CEO and member of the board effective immediately. He succeeds Lawrence A. Bossidy, 66, who will remain chairman and a member of the Board of Honeywell until he retires on June 30, 2002.

Cote previously was chairman, president and CEO of TRW, the $16 billion Cleveland-based products and services provider for the space, defense and automotive markets. Before joining TRW, Cote spent 25 years in various management and leadership positions at General Electric.

Cote will assume the chairmanship of Honeywell upon Bossidy’s departure.

“Dave Cote is a hands-on leader who understands how to build businesses, motivate people and compete relentlessly in diverse sectors and end markets,” Bossidy said. “His skills and experiences at TRW and GE make him exceptionally well-prepared to lead Honeywell to the next level. I am delighted that the board concluded that Dave is the very best choice for the next CEO of Honeywell.”

A 1976 graduate of the University of New Hampshire, Cote holds a bachelor’s degree in Business Administration. Pepperdine University’s Graziadio School of Business and Management awarded him their highest honor, a Doctor of Laws Degree, in April of 2001.

In other news, Honeywell also reaffirmed that it expects full-year 2002 earnings per share (EPS) to be approximately $2.36 and first-quarter EPS to range from 44 to 46 cents, with both estimates including the effects of new goodwill accounting rules.