By: Scott Davis
Dave Cote retired rich and made HON shareholders even richer – poster child of capitalism win/win. In comparison, most of our companies’ CEOs retire rich with shareholders no better off – about 2/3 of the time unfortunately. And the irony is that not only was Cote cast aside by GE as unfit for the GE job (holy cow what a mistake), but also he wasn’t even in the top 5 of the HON CEO wish list. Football fans may recall Tom Brady being pick #199, a 6th round draft pick, the 7th QB selected, and not even expected to make it past the Patriots practice squad. The successes of both gentlemen have been remarkable.
The one big difference between Cote and Brady is that Cote had the confidence to train and select a replacement that may end up being as good or better than the mentor. Cote picked his replacement, Darius Adamczyk…a candidate we struggled to see on the original short list. So far Darius has been exceptional and his vision is very compelling.
HON Report Here