Broader Focus On High Growth Regions Important To Honeywell's Strategic Plan
SHANGHAI, Jan. 4, 2012 /PRNewswire-Asia/ -- Honeywell (NYSE: HON) announced that Shane Tedjarati was named to the broader role of President, High Growth Regions and Stephen Shang will take over as President, Honeywell China, effective immediately. Tedjarati will continue to report directly to Honeywell Chairman and CEO Dave Cote. Shang will report to Tedjarati.
"Globalization has been a key pillar of our Growth Initiative for the past decade," said Dave Cote, Honeywell Chairman and CEO. "Ten years ago, less than 40% of our sales were generated outside the U.S. Today, our company is twice the size, and approximately 55% of our revenues are generated outside the U.S. We began executing this strategy by focusing on the two most important emerging markets - China and India. That strategy has proven to be a good one. We have grown nearly ten-fold in revenues and now have nearly 25,000 employees in China and India, representing a significant share of our global growth story."
"The success story we have created in China and India, as well as the product and innovation platforms we have systematically built through our East-for-East and East-to-West strategies in these markets will be a great blueprint to emulate in the rest of the emerging regions of the world - more aptly called high growth regions," continued Cote. "These regions will drive nearly 70% of the world's GDP growth over the next decade and are now well positioned to deliver significant growth for Honeywell as well."
Since joining Honeywell in 2004, Tedjarati has been instrumental in engineering Honeywell's success story in China and India, both of which have seen a 21% annual compound growth rate from 2004 through 2011. Going forward he will work closely with business and functional leaders throughout the company to create effective go-to-market strategies in each of the major regions of the world: Asia, Africa, Latin America, the Middle East, and Eastern Europe. Tedjarati's unique experience and track record in growing businesses and relationships in high growth regions will be critical as Honeywell looks to further expand in these markets.
Shang joined Honeywell in 2005 to help drive growth in China and Asia. Under Shang's leadership, Honeywell's Environmental and Combustion Controls business in the region has grown four-fold, made possible through rigorous localization and local innovation efforts, as well as acquiring and integrating Lonon, a terrific local electronic lighting business. Shang also launched Honeywell's first home-grown Chinese business in LED lighting and achieved significant successes among blue chip clients worldwide. A seasoned executive with well over 30 years of experience in China and throughout the Asia-Pacific region, he will now focus his energy and expertise on driving Honeywell's core growth strategies in China - a country that will continue to remain in the forefront of the high growth regions of the world. In addition to his new role as President, Honeywell China, Shang will continue to serve as Vice President and General Manager for Environmental and Combustion Controls (ECC), Asia Pacific, until a replacement is named.
"Shane and Stephen have my full support as they assume their new responsibilities," concluded Cote. "I look forward to working with them both as they drive greater value for Honeywell."
Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; automotive products; turbochargers; and performance materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com.
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