Table: Bossidy's Action Plan

Honeywell's (HON

) CEO has had his work cut out for him since the GE merger collapsed. His agenda:CUT COSTS

Using tools such as Six Sigma, Bossidy plans to boost productivity, which should save $1.3 billion next year. And 15,800 jobs are being cut.UNLOAD STRAGGLERS

Units up for sale include brake pads, pharmaceutical chemicals, and others totaling $2.5 billion in revenues.REBUILD MANAGEMENT

Many execs fled after the '99 AlliedSignal merger and the failed GE deal. But Bossidy has lured some top managers back and lobbied to keep dozens more from leaving.FIND A SUCCESSOR

Bossidy says he will retire next summer. The betting is that he will bring in a veteran from a company like GE, where he spent 34 years, UTC, or a well-respected competitor such as Emerson Electric.

Later, Baby

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