The Federal Reserve Bank of New York today announced that David Cote, Chairman and Chief Executive Officer of Honeywell International, has been elected to serve as a Class B director. Mr. Cote was elected by members of Group 2, a classification for banks with capital and surplus of $30 million to $1 billion, to represent the public. His term ends December 31, 2016.
Honeywell is a $40 billion, Fortune 100, diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; turbochargers; and performance materials. Honeywell has great positions in good industries and technologies that address some of the world’s toughest challenges such as safety and security, clean energy generation, energy efficiency, customer productivity, and globalization. More than 50 percent of the company’s sales are outside the U.S.
In 2014, Mr. Cote was selected for the prestigious Horatio Alger Award, which recognizes dedicated community leaders who have accomplished remarkable achievements through honesty, hard work, self-reliance and perseverance over adversity. Also in 2014, Mr. Cote was named Institutional Investor’s Best CEO in the Capital Good/Industrial—Electrical Equipment & Multi-Industry category. In 2013, Cote was named CEO of the Year by Chief Executive and recognized as one of the World’s Best CEOs by Barron’s. He received the Asia Society's Global Leadership Award and the Peter G. Peterson Award for Business Statesmanship from the Committee for Economic Development in 2012, and the Distinguished Achievement Award from B’nai B’rith International in 2011. Mr. Cote also received the Corporate Social Responsibility Award from the Foreign Policy Association in 2007.
Mr. Cote earned a bachelor’s degree in business administration from the University of New Hampshire, and, in 2011, the University presented him with an honorary Doctor of Humane Letters. In 2009, Mr. Cote was made an honorary professor at the Beihang University of Aeronautics and Astronautics in Beijing, China. In 2001, Mr. Cote received an honorary Doctor of Laws degree from the Graziadio School of Business and Management, Pepperdine University.
About the Reserve Banks’ Boards of Directors:
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.