David Cote, formerly head of defence contractor TRW, is to take charge at Honeywell. He succeeds as chief executive Lawrence Bossidy, who headed AlliedSignal for 10 years before its merger with Honeywell in 2000, and then took over briefly as chairman of the merged company.

Bossidy was called back to Honeywell to reassure nervous investors after the failure of the planned merger with General Electric last year. His tenure as interim chief executive has now ended, although he will continue as board chairman until June, when Cote will take on that role also.

Cote has ruled out any more merger attempts for Honeywell, saying: "I'm not really interested in merging, selling or anything like that."

TRW has established a three-man chief executive office while it seeks a permanent successor.

Source: Flight International