TRW Names David M. Cote to Succeed Joseph T. Gorman as Chief Executive Officer
14 December 2000
TRW Names David M. Cote to Succeed Joseph T. Gorman as Chief Executive Officer
Business EditorsCLEVELAND--Dec. 14, 2000--TRW Inc. today announced that its board of directors has elected David M. Cote, 48, president and chief executive officer, effective February 1, 200l. Cote is currently president and chief operating officer.
Joseph T. Gorman, 63, chairman and chief executive officer, will remain chairman and a member of the board until July 31, 2001, when he will retire from the company and both positions. At that time, it is expected that Cote will assume the title of chairman and CEO. Gorman, a 32-year veteran of the company, has served as chairman and CEO for the past 12 years.
"I am very pleased that the directors have concurred with my recommendation that Dave Cote is exceptionally well qualified to become the company's next CEO," Gorman said. "This move was contemplated at the time Dave joined TRW in November of 1999, and now is the time to make it happen. In his first year with the company, Dave has demonstrated the leadership and focus on performance that characterized his 25-year career with the General Electric Company."
Gorman further noted that, since joining the company, Cote has demonstrated his ability to position the company for top-line growth through new business, product introductions, strategic alliances, a focus on core businesses, and cost control. "His values, financial acumen, and strict attention to performance and accountability make him the appropriate executive to lead the company as TRW prepares to celebrate its 100th anniversary," Gorman added.
"I appreciate the confidence that Joe and the board have expressed in me, and I look forward to continuing to work closely with Joe during the transition period," Cote said. "Joe has been an exceptional mentor, providing unqualified support as well as valuable insights into TRW's values, people, businesses, and strategic vision. I was attracted to TRW by the growth potential of its core businesses, its globally-recognized technology, and the quality of its people and management and their unique entrepreneurial culture. In the past year that impression has been greatly reinforced."
Cote was elected president, chief operating officer, and a director of TRW Inc. in November 1999. In that position, he became a member of the chief executive office and served on the company's Management Committee.
Cote joined TRW from General Electric, where he had served since 1996 as senior vice president of GE and president and chief executive officer of GE Appliances. His career with General Electric spanned 25 years and included top-level positions in manufacturing, finance, marketing, strategic planning, and general management. In 1988 Cote joined GE Appliances in Louisville, Ky., as a product general manager, and the following year he became chief financial officer for that operation.
In 1992 he was named vice president of GE Consumer Service, and in 1994 he became vice president and general manager of GE Silicones in Waterford, N.Y., serving in that capacity until being named to head GE Appliances. Cote is a 1976 graduate of the University of New Hampshire, where he earned a bachelor's degree in business administration.
Gorman became chairman and chief executive officer of TRW Inc. in December 1988, after serving as president and chief operating officer since January 1985. He has been a director of the company since 1984.
Gorman joined TRW's legal department in 1968. He became secretary of TRW in 1970 and a vice president in 1972. He served as vice president and general counsel until 1980, when he was elected executive vice president and given responsibility for the Industrial & Energy Sector, then one of TRW's three major operating units.
A native of Rising Sun, Indiana, in the United States, Gorman holds a bachelor's degree from Kent State University and a doctorate degree from the Yale Law School.
TRW provides advanced-technology products and services for the automotive, aerospace, and information systems markets. The company's news releases are available through TRW's corporate Web site, www.trw.com.