Honeywell CEO and Chairman David M. Cote accepted Columbia University’s 2016 Deming Cup for Operational Excellence at a reception at the esteemed university yesterday evening. He was presented with the 2016 Deming Cup by Mary Boyce, Dean of Engineering at Columbia University and Richard Barakat of the Memorial Sloan Kettering Cancer Center.
The award annually honors leaders for operational excellence and fostering a culture of continuous improvement within their organization. Cote was recognized for his commitment to building a strong and sustainable corporate culture at Honeywell with a business model focused on the three pillars of portfolio, process and culture.
Founded in 1993, The W. Edwards Deming Center at Columbia Business School promotes operational excellence in academia and business by sponsoring applied research and curriculum creation, disseminating best practices, and providing professional development opportunities for practitioners.
The awards' event featured a cocktail reception and seated dinner, followed by remarks from Cote and fellow award recipient and PepsiCo Chairman and CEO, Indra Nooyi. Introduced by Gordan Bethune, former CEO of Continental Airlines, Cote was welcomed to the stage to express his appreciation and share Honeywell’s story of growing success.
“Being awarded the Deming Cup is a celebration of Honeywell’s commitment to operational excellence and our culture of continuous improvement – two things that have helped propel Honeywell’s growth,” Cote shared at the reception. “To put that in perspective, during the last 15 years at Honeywell, sales have increased 80%, earnings have quadrupled, free cash flow has roughly tripled and our stock has risen about 350 percent.”
Left to Right: Chairman and CEO of PepsiCo, Indra K. Nooyi; Chairman and CEO of Honeywell, David M. Cote;
Russell L. Carson Professor of Finance and Economics & Dean, Columbia Business School, Glenn Hubbard; Director of The W. Edwards Deming Center, Professor Nelson M. Fraiman
Cote expressed his admiration for co-recipient Nooyi and communicated Honeywell’s growth across a variety of industries. “We are uniquely positioned to blend physical products with software to support connected systems that improve homes, buildings, factories, utilities, vehicles and aircraft, and enable a safer, more comfortable and more productive world.”
A firm believer in building a strong and sustainable corporate culture, Cote deploys a business model focusing on the three pillars of portfolio, process and culture. Over his fourteen years as chairman and CEO, Honeywell has grown to have an impressive portfolio and a unified, performance-driven culture.
“The job of reinforcing culture never stops. Our One Honeywell culture has become a differentiator for the entire Company, and it has made us an employer of choice around the world,” Cote proudly remarked. “Using our business model focused on portfolio, process and culture, we have built a Company that customers want to do business with, employees want to work for, and investors want to invest in. We have built a Company that won The Deming Cup, and I couldn’t be prouder to accept it on behalf of our 130,000 employees.”
Cote was joined by fellow Honeywell employees to share in the Company’s recognition. Additionally, notable executives, Columbia University representatives and Deming Center Board Members joined in celebration of the award and its tribute to the importance of operational excellence.