Honeywell Announces David J. Anderson to Be New Chief Financial Officer

    MORRIS TOWNSHIP, N.J.--June 16, 2003--Honeywell today announced that David J. Anderson will the join the company as Senior Vice President and Chief Financial Officer and an executive officer of the corporation, effective June 23. He will report to Honeywell Chairman and Chief Executive Officer Dave Cote.
    Mr. Anderson, 53, joins Honeywell from ITT Industries Inc., where he had been Senior Vice President and Chief Financial Officer since December 1999. He succeeds Richard Wallman.
    "Dave Anderson is a highly regarded financial professional who will immediately contribute to Honeywell's expanding growth culture," Mr. Cote said. "His credibility and experience in global corporate finance at major public companies will help Honeywell chart its course for the future. In particular, I expect Dave to be a leader in our initiatives to drive growth, build on our already-strong productivity culture, and generate significant cash flow."
    While at ITT Industries, Mr. Anderson was responsible for financial management, information technology and corporate development. He has also been highly visible in communicating the company's initiatives and financial outlook to the investment community. A member of ITT Industries' Executive Committee, he helped set the company's strategic direction.
    Prior to joining ITT Industries, Mr. Anderson worked at Newport News Shipbuilding, where he was Senior Vice President and Chief Financial Officer. Mr. Anderson successfully led the effort in 1996 to establish Newport News Shipbuilding as a stand-alone public company, negotiating the terms and conditions of its spin-off from Tenneco, and building the corporate finance functions that enabled the company to deliver significant shareholder value.
    Previously, he served as Senior Vice President and Chief Financial Officer of the tobacco group at RJR Nabisco, and has also held senior financial positions with The Quaker Oats Company and Kraft, Inc. Mr. Anderson is a 1971 graduate of Indiana University and received an MBA from the University of Chicago in 1977.
    Mr. Cote expressed his gratitude to Mr. Wallman for his years of service. "Shortly after I arrived at Honeywell, Richard advised me of his desire to spend more time with his family," Mr. Cote said. "A true professional, Richard was kind enough to wait until we found a worthy successor. I'll always appreciate the tenacity and professionalism he brought to each challenge at Honeywell. His financial acumen, counsel and friendship will be missed. We all wish him well."
    Mr. Wallman joined AlliedSignal in 1995 and played a leadership role in the company's acquisition and integration of Honeywell in 1999. Before joining AlliedSignal, he worked for IBM Corp., Chrysler Corp. and Ford Motor Co.
    Honeywell is a $22 billion diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; automotive consumer products; specialty chemicals; fibers; and electronic and advanced materials. Based in Morris Township, N.J., Honeywell is one of 30 stocks that make up the Dow Jones Industrial Average and is a component of the Standard & Poor's 500 Index. Its shares are traded on the New York Stock Exchange under the symbol HON, as well as on the London, Chicago and Pacific Stock Exchanges. For more information about Honeywell, visit www.honeywell.com.
    This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about future business operations, financial performance and market conditions. Such forward-looking statements involve risks and uncertainties inherent in business forecasts as further described in our filings under the Securities Exchange Act.