The United Technologies Corporation (UTC) is one of the largest multi-part organizations in the world. They operate in the field of elevators, security, aircraft engines, building systems, and more. Found 83 years ago, it now has almost 200,000 employees worldwide who report to the company’s headquarters in Connecticut. So, who can be skillful enough to lead a corporation of this size? Louis Chênevert.
Although this businessman is no longer the CEO of the aforementioned corporation, he spent years fulfilling that role. He obtained his Bachelor’s Degree in Production Management from the University of Montreal’s affiliate school. One of his earliest successes was working as the President for Pratt & Whitney Canada, his home country‘s aircraft engine manufacturing company. This company is a part of UTC’s overall practice, and Chênevert’s success during his presidential years did not go unnoticed.
Working for UTC
Soon after he dominated the market with Pratt & Whitney Canada, Chênevert became the Chief Executive Officer and Chairman of the entire UTC. Here, he helped leave a legacy of a company that remained worth over $60 billion during multiple economic crises. Furthermore, this achievement echoes even louder if one takes into account that Chênevert never left Connecticut, never outsourced for lower wages, or violated any environmental policies. To amplify his disagreement with outsourcing efforts, he actually spent additional capital to bring engineers back to Connecticut.
While leading UTC, this CEO helped take advantage of the military and government contracts that now provide one-tenth of their total revenues. A reflective statistic of his time at UTC is the fact that he helped the share price go up by $80, from $37 when he took over to $117 when he left. Also, the company never failed to pay out dividends to all the shareholders during this CEO’s era. In 2014, he left the company after a long and fruitful career that culminated in a 200% increase in the share price. Some of his achievements include getting an honorary doctorate’s degree and getting the Person of the Year award by the Aviation Week & Space Technology.