David M. Cote, chairman and CEO of Honeywell, and Indra K. Nooyi, chairman and CEO of PepsiCo, will receive the 2016 Deming Cup for Operational Excellence at a reception on October 25, 2016, at Columbia University’s Low Rotunda.

Awarded annually since 2010, the Deming Cup honors leaders for operational excellence and for fostering a culture of continuous improvement within their organizations. Its 35-member judging committee, comprising eminent figures in industry and academia, is co-chaired by Terry Lundgren, chairman and CEO of Macy’s; Sergio Marchionne, CEO of Fiat Chrysler Automobiles; and Paul O’Neill, the 72nd secretary of the US Treasury.

A strong believer in purposefulness as critical to building a strong and sustainable corporate culture, Cote deployed 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, solid positions in different industries, differentiated technologies, and a constant process focus, combined with a unified, performance-driven culture.

A longtime admirer of Dr. Deming, Cote acknowledged that it was particularly meaningful for him to receive this eponymous award. “This honor celebrates Honeywell’s commitment to operational excellence that has helped to propel our growth and has made our company a place where customers want to do business, employees want to work, and investors want to invest,” he said.

Since becoming CEO of PepsiCo in 2006, Nooyi has consistently demonstrated success in striking the optimal balance between short- and long-term strategic thinking while maintaining a consistently high level and duration of returns to investors. Her commitment to the guiding principles of “Performance with Purpose” — a visionary strategy she articulated nearly a decade ago — has made PepsiCo a future-proof, high-performing global food and beverage enterprise positioned for sustainable long-term growth.

“Our work at PepsiCo is driven by a sense of purpose and responsibility towards our stakeholders and our planet. I am truly honored to accept this award on behalf of all my colleagues at PepsiCo, whose dedication, passion, and commitment to continuous improvement are an inspiration to me each day,” Nooyi said.

In his congratulations to Cote and Nooyi, Professor Nelson Fraiman, director of the Deming Center, applauded them “not only for creating successful organizations, but also for doing so through the values of continuous improvement and innovation, and for empowering employees as agents in that transformation.”

Founded in 1993 at Columbia Business School, The W. Edwards Deming Center promotes operational excellence in academia and business by sponsoring applied research and curriculum creation, disseminating best practices, and providing professional development opportunities for practitioners. Previous winners of the Deming Cup include Ken Chenault, chairman and CEO of American Express Company; Dr. Toby Cosgrove, president and CEO of Cleveland Clinic; Dr. Brent James, executive director of the Healthcare Leadership Institute at Intermountain Healthcare; Fisk Johnson, chairman and CEO of SC Johnson; Ellen Kullman, former chairman and CEO of DuPont; Sam Palmisano, former chairman and CEO of IBM; Paolo Rocca, chairman and CEO of Tenaris; Ratan Tata, chairman emeritus of Tata Sons; Stef Wertheimer, founder of ISCAR; and current committee co-chairs Terry Lundgren and  Sergio Marchionne.