Printer Friendly

HONEYWELL ELECTS BONSIGNORE CHAIRMAN, CEO; MOORE PRESIDENT, COO: RENIER TO CHAIR EXECUTIVE COMMITTEE

 MINNEAPOLIS, Feb. 16 /PRNewswire/ -- The Honeywell (NYSE: HON) board of directors today approved a planned leadership succession by electing Michael R. Bonsignore, executive vice president and chief operating officer, to chairman of the board and chief executive officer, and D. Larry Moore, executive vice president and chief operating officer, to president and chief operating officer. Current Chairman and CEO James J. Renier, 63, will remain with the company as chairman of the Executive Committee.
 NO-CHARGE DIAL-UP PHOTO ACCOMPANIES THIS STORY
 (Instructions below)
 The changes take effect at the company's April 20 annual meeting of shareholders in Minneapolis. The succession plan was implemented as Renier approaches the company's mandatory retirement age of 65.
 "Mike Bonsignore and Larry Moore are outstanding executives and outstanding individuals," Renier said. "They have a thorough knowledge of our businesses and markets, and both played key roles in restructuring the company and creating our strategies for success in the 1990s. I am confident that all Honeywell constituents -- shareholders, employees, customers and communities -- will be served well by their leadership."
 The two senior executives said they will work to continue the progress Honeywell has made under Renier's leadership.
 "Our mission is to intensify the positive momentum Honeywell has generated in the last four years," Bonsignore said. "I am delighted to be working with Larry and the entire senior leadership team as we focus on profitably growing our businesses, generating and returning value to shareholders and continuing to pay close attention to our cost structure."
 Said Moore: "This is an exciting, dynamic time for Honeywell. The global marketplace is changing, customer requirements are changing, technology is changing. We have excellent new product offerings in all of our businesses that will provide opportunities for expansion around the globe."
 Under Renier's stewardship, Honeywell returned to financial good health following heavy losses in the mid- and late 1980s. The company's rebound was founded on a strategy to focus on its core controls technology, divest businesses unrelated to controls, deliver value to shareholders, stabilize financial performance in a poor economy and grow in a strong one. From 1989 through 1992, Honeywell's total return to shareholders was 208 percent, compared with a 118 percent average return for companies in the Standard & Poors 500.
 "The restructuring was successful, but we must continue to improve as customer requirements grow, market demands change and global competition intensifies. We have the leadership, the strategies and the people to meet the challenge," Renier said.
 Bonsignore, 51, earned a bachelor's degree in electrical engineering from the U.S. Naval Academy. Following six years as a naval officer, he joined Honeywell in 1969 and held various marketing and operations management positions before being named vice president for Marine Systems Operations in 1981. He moved to Brussels as president for Honeywell Europe in 1983, then returned to Minneapolis in 1987 as executive vice president of International. In 1990, he was named executive vice president and chief operating officer of International and Home and Building Control, and was elected to the company's board of directors.
 Moore, 56, earned an undergraduate engineering degree and a master's in business administration from the University of Arizona, and a Ph.D. in economics from Arizona State University. He spent 24 years with Sperry, where he held several executive positions, including vice president and general manager.
 Moore joined Honeywell in 1986, when it acquired Sperry's aerospace group. In 1987, he was named group vice president of Honeywell's Commercial Flight Systems Group, then became president of the company's Space and Aviation business in 1989. He was named executive vice president and chief operating officer of the Industrial and Space and Aviation businesses in 1990, when he also was elected to Honeywell's board of directors.
 Renier was elected chief executive officer in 1987, and became chairman a year later. He earned a bachelor's degree in chemistry from the University of St. Thomas in St. Paul, was a Research Fellow at Iowa State from 1951 to 1955, and earned a doctorate in physical chemistry from Iowa State in 1955. Renier joined Honeywell in 1956 as a senior research scientist, and through the years held many key executive positions.
 Honeywell is a global controls company providing products, systems and services that increase comfort, energy efficiency, environmental protection, productivity and safety in homes and buildings, industry, and aviation and space. The company employs 55,400 people in 90 countries on six continents, and had 1992 sales of more than $6 billion.
 -0- 2/16/93
 /Photos of Bonsignore, Moore and Renier are available without charge on your photo receiver. Have photo editor dial in to 212-967-1293, 212-643-2005, or 212-643-2006, for PRN0216MN3D (Bonsignore), PRN0216MN2D (Moore), or PRN0216MN1D (Renier)/
 /CONTACT: Kevin Whalen of Honeywell, 612-951-0070/
 (HON)


CO: Honeywell, Inc. ST: Minnesota IN: SU: PER

KH -- MN017 -- 6861 02/16/93 14:14 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:798
Previous Article:DWG CORPORATION ANNOUNCES REFINANCING DETAILS
Next Article:HARRIER REPORTS FISCAL SECOND QUARTER, SIX MONTHS RESULTS
Topics:


Related Articles
RENIER SURGERY SUCCESSFUL, CARDIOLOGIST SAYS
KARATZ ELECTED TO HONEYWELL BOARD OF DIRECTORS
HONEYWELL OUTLINES CHANGES IN ANTICIPATION OF MARKET TRENDS; EXECUTIVES MEET WITH SECURITIES ANALYSTS
HONEYWELL OUTLINES CHANGES IN ANTICIPATION OF MARKET TRENDS; EXECUTIVES MEET WITH SECURITIES ANALYSTS
STEFFEN RESIGNS FROM EXECUTIVE, BOARD POSITIONS AT HONEYWELL; CFO LEAVES COMPANY TO PURSUE OTHER INTERESTS
BONSIGNORE, MOORE FORMALLY TAKE ON NEW ROLES AT HONEYWELL ANNUAL MEETING OF SHAREHOLDERS; SHAREHOLDERS APPROVE DIRECTORS, STOCK PLAN, AUDITORS
HONEYWELL ANNOUNCES EXECUTIVE PROMOTIONS, SENIOR-LEVEL REPORTING RELATIONSHIPS
ROSSO TO LEAVE HONEYWELL
HONEYWELL HOLDS ANNUAL SHAREHOLDER MEETING
MTS BOARD ELECTS NEW MEMBER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters