Over-leveraged spin offs, no WFH, massive share repurchase at premium prices, wasteful move to high priced HQ building, failing transformation to a software company, replacing top Cote lieutenants with lower paid sycophants (e.g. CFO), new board members with limited qualifications and a tanking stock price. The only thing that worked was his inability to spin off the PPE business.
7 replies (most recent on top)
Back in the day gullible Wall Street analysts bought into the myth of Welch and others of his ilk. Now the worm has turned and corporate cults and their dogmas that were worshipped at one time have fallen mightily and the citizens who relied on them for their livelihoods paid the price.
I left months ago, but if any of you want to try taking this info public to journalists, it could result in public pressure.
Looking foward to the demise of this once proud company. Now it just needs to end .
All Cote and now DA care about is becoming as rich as they can, and the quicker the better. Short term profits = short term profit for themselves, not for Honeywell. They never cared about Honeywell. They are not trying to grow Hon. Decisions are made based on how they feel they can enrich themselves the fastest. DA has said many times - transforming to a software and services company. I don't know anyone who knows really what that means except fewer employees and not making anything anymore.
Honeywell is a sinking ship. Wondering if I should take my retirement in a lump sum?
This sums things up nicely but add to it the the indiscriminate elimination of key scientist, engineers and subject matter experts from all ranks with the belief that they can easily be replaced in China or India. Senior management learned from Cote and DA how to take customers, suppliers and employees for granted for the sake of short term profits. Nothing Cote or DA has done is sustainable and it has become obvious to wall street and the rest of the world. I am hoping for the sake of the good people left at Honeywell that a real leader can rise up and turn things around.
Needlessly endangering the lives of employees with no WFH, obtaining billion loans from the pandemic stimulus then furloughing, laying off workers