WASHINGTON, Nov. 18, 2013 /PRNewswire/ -- Horatio Alger Association of Distinguished Americans, Inc., a nonprofit educational organization honoring the achievements of outstanding individuals and encouraging youth to pursue their dreams through higher education, today announced that David M. Cote, chairman and CEO of Honeywell, will be inducted as a Member of this prestigious Association next spring. Mr. Cote joins eleven other outstanding business and civic leaders from across North America in receiving this honor. Since its inception in 1947, this annual award has recognized exceptional leaders – all with a commitment to philanthropy and higher education – who have overcome significant personal challenges to achieve success.
A native of Suncook, NH, Mr. Cote's father ran a service station and a small garage and his mother stayed at home to raise the children. Mr. Cote worked at his father's garage as a teenager, and later trained as a carpenter and washed cars at a dealership. Despite funds being tight, Mr. Cote enrolled at the University of New Hampshire, where he went to school full-time, worked nights at Sears, and then later at General Electric (GE) as an hourly employee. After a brief stint away from college working as a commercial fisherman, Mr. Cote graduated from the University of New Hampshire in 1976. He spent the next two decades working for GE, moving up the corporate ladder in finance, marketing, and general management positions in a variety of businesses. His last position at GE was senior vice president of major appliances.
In 1999, Mr. Cote became COO for TRW, Inc., and later became Chairman and CEO. In 2002, Mr. Cote became Chairman and CEO at Honeywell, a 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. Since then, sales have since grown from $22 billion to $39 billion and Honeywell's total shareowner return is 252% vs. a total shareowner return for the S&P 500 of 106%. Under Mr. Cote's leadership, Honeywell has built great positions in good industries. Honeywell's technologies address some of the world's toughest challenges such as safety, security, clean energy generation, and energy efficiency. More than 50 percent of the company's sales are outside the United States. Today, Honeywell's more than 130,000 employees, including 20,000 scientists and engineers, are focused on developing innovative products and solutions that help Honeywell's customers - and their customers – improve performance and productivity.
"Dave Cote's unique background reflects his willingness to work hard and courage to travel a different path to success," said Tony Novelly, president and CEO, Horatio Alger Association and 2000 Horatio Alger Award recipient. "He is a proven leader. We are honored to induct someone of Mr. Cote's caliber into the Association not only to honor his accomplishments but also to provide our Scholars – past, present and future – with an exceptional role model. We are proud to welcome Mr. Cote as a lifetime Member of Horatio Alger."
In addition to his professional accomplishments, Mr. Cote was appointed to the U.S. – India CEO Forum by President George W. Bush in 2005, and in 2009, President Obama appointed David as co-chair of the Forum. In 2010, he was appointed by President Barack Obama to the Simpson-Bowles Commission to address the nation's debt crisis. He was central to the effort that raised $40 million for the "Fix the Debt" campaign, which brought together more than 100 CEOs to campaign for a comprehensive solution to address the national debt. In 2013, Mr. Cote was named CEO of the Year by Chief Executive Magazine and recognized as one of the World's Best CEOs by Barron's.
In accepting this honor, Mr. Cote commented, "To be selected as a Member of Horatio Alger Association is a great honor. Growing up, I did not know what professional career success looked like. There was no set course for me. But I had a strong family, especially my mother and father, who lived by a set of strict values and principles. It's this 'core' that has served me well throughout my career and continues to guide my leadership approach and success at Honeywell. I look forward to supporting the Association and its mission so that young Americans can be empowered to overcome personal adversities and circumstances to achieve success."
Mr. Cote and his cohort will officially be inducted as Members during the Association's annual three-day induction ceremonies, which will be held in Washington, D.C. in April 2014. In addition to honoring these outstanding leaders, Horatio Alger Association will also recognize its 2014 National Scholarship recipients, providing an opportunity for Scholars and Members to meet and exchange stories of their respective perseverance and success.
In addition to presenting its annual award, Horatio Alger Association administers one of the largest, privately-funded scholarship programs for at-risk students in the United States and Canada. Funding for its scholarships, which annually provides more than $9 million to selected students in need, is wholly supported by private donations from Association Members and friends.
For more information about Horatio Alger Association and a full list of its Class of 2014, please visit http://horatioalger.org/news_pr_members2014.cfm.
About Horatio Alger Association of Distinguished Americans:
Founded in 1947, the Horatio Alger Association of Distinguished Americans, Inc., fulfills its mission of honoring the achievements of outstanding individuals who have succeeded in spite of adversity and of encouraging young people to pursue their dreams through higher education. Horatio Alger Association supports students through annual undergraduate and graduate need-based scholarships and mentoring programs across the United States and Canada. Since 1984, the Association has awarded more than $100 million in college scholarships to deserving young people. For more information, please visit www.horatioalger.org.
SOURCE Horatio Alger Association of Distinguished Americans, Inc.