17 June 1998 14:29 [Source: ICIS news]
HOUSTON (CNI)--AlliedSignal announced Wednesday that vice chairman Daniel Burnham has resigned from the company to become president of Raytheon and is being replaced by vice chairman Frederic Poses who becomes AlliedSignal's president and chief operating officer immediately.
The announcement was made Wednesday morning by AlliedSignal chairman and chief executive officer Lawrence Bossidy who praised Burnham's 16-year contribution to the company, "particularly as he led AlliedSignal Aerospace though some of its most trying and later most successful times."
Burnham becomes president of Raytheon effective 1 July, AlliedSignal said.
Bossidy said that Poses is "a world-class leader." Bossidy added: "His 29-year rise to the top has been eminently well-deserved. Fred's dynamic leadership of the chemicals, fibres, plastics and advanced materials business helped make them high-margin contributors of net income to the company."
Bossidy credited Poses with leading "the growth and development of some of the company's most profitable and promising businesses, including speciality chemicals, electronic materials, engineering plastics and speciality films."
Poses joined AlliedSignal of Morris Township, New Jersey in 1969 as a financial analyst.
The change of operational command at AlliedSignal is accompanied by a slight change of sector control as well, according to the firm. Poses will have operational responsibility for AlliedSignal's aerospace businesses along with electronic materials, truck brake systems, business services, and international.
But the speciality chemicals and polymers divisions that Poses has directed will report to Bossidy, who also will oversee the company's turbocharging systems, automotive products, and the firm's law, finance, human resources and communications units.
AlliedSignal spokesman Mark Greenberg told CNI the speciality chemicals and polymers units were being shifted to Bossidy so that Poses could become more quickly familiar with the aerospace businesses with which he has had little prior experience.
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