The success story of United Technologies Corporation (UTC) cannot be told without mentioning Louis Chenevert in a big way. United Technologies Corporation is a renowned company that is involved in research, development as well as manufacturing of high technology products. Prior to joining UTC, Louis had worked for 14 years in General Motors (GM) where he served as the Production general manager. In 1993, he joined Pratt & Whitney in Canada where he rose to the ranks of a president after serving for 6 years. He joined UTC on March 2006 where he was elected the chairman. He served as the president of UTC until his stepping down in December 2014. In Sept. 2015, he became an executive adviser at Goldman Sachs, merchant banking division.
Innovative Projects Attributed to Louis Chenevert
One of the strengths of Louis is that he understands exactly what the market wants. In a bid to satisfy this demand, he has developed innovative ideas over the years that have really transformed UTC. We are going to highlight some of his ventures.
There was an investment of more than $1 billion towards the facilitation of learning programs for all the employees in USA alone not only to promote education and innovation but also to build a supportive environment. Read more about Louis at crunchbase.com.
Through his leadership, the company has been able to establish a number of new plants which are operated by aerospace systems unit. This innovation has led to the development of integral machine parts such as sensors, aerostructures and brakes.
The Connecticut branch has specialized in security, climate and controls trade. This branch has been involved in the production of top notch and innovative technology products ranging from fire detection technologies, refrigeration, heating devices and air conditioning.
The development of GTF engine was also another big milestone. This project cost the company $10 billion and run through a span of 20 years. It was a big risk but it paid off eventually. Upon its completion, the engine was used as an option of airbus. It must be noted that his design was very unique and also 16% more efficient than any other type of engine that was being used at the time. This engine reduced noise pollution by about 75% and emissions by about 50%.
The Sikorsky unit of UTC also experienced massive expansion where it was involved in the production of more helicopters than any other company in the United States. This can be highly attributed to the development of the GTF engine. Read more at Bloomberg.
The impact of Louis Chenevert is still felt to date. In his six years as the CEO of UTC, he was able to accomplish what most executives have not managed to accomplish in a lifetime. Let us highlight some of his major accomplishments.
He acquired Goodrich which is considered to be his greatest accomplishment. He pushed on the deal for a year and finally a deal was struck at a cost of $18.4 billion.
He was appointed the CEO during a time when America was going through the great depression. Despite this hardship, his leadership saw the share prices rise from $37 to $117.
He was also involved in social corporate responsibility. During his time at the helm of UTC, he initiated the Employee Scholar Program which helped the company’ employees in paying their bill so that they could earn degrees in majors they were interested in. It is due to this initiative that more than 39,000 employees have earned degrees since 1996.