TRW Inc. said Chief Executive David Cote will succeed Joseph Gorman as chairman after Gorman retires. Gorman's last day will be July 31, TRW said. Cote, 49, joined TRW in 1999 as chief operating officer and became CEO on Feb. 1. Before coming to TRW, Cote was head of General Electric Co.'s appliance unit, reporting directly to Chairman Jack Welch.
Cote plans to reduce the company's dependence on the auto industry, which accounts for about two-thirds of sales, and to trim debt. He also will focus on developing commercial applications for technology developed for the military, such as the fastest semiconductor chip, he said.
TRW shares rose 24 cents to $42.60 on the NYSE.