Before becoming the CEO of United Technologies Corporation (UTC), Louis Chenevert worked for over a decade at General Motors and worked with Pratt & Whitney, eventually becoming their elected president. He was responsible for the acquisition of Goodrich, which was a deal with a value of $18.4 billion, and he accomplished more in his time with the company than many people accomplish over the course of their life. When he first came to lead UTC, he made a commitment to pull from his experience what was required to make the company better than it was at the time. Since then, he has done exactly as he promised, and UTC is a stronger company because of it.
Some Specifics about UTC and Chenevert
UTC has a company Employee Scholar Program that helps to nurture and invest in its own employees by giving them the funds needed to pursue more education in the fields of their choosing. Since its inception, more than 40,000 employees of the company have earned degrees while partaking in the program, and UTC has awarded more than $1 billion to its U.S. based employees, alone. Chenevert always supported the scholarship program and believes in the benefits that education can bring to the world and UTC.
Chenevert has always led UTC with an awareness of the possibilities that the future held, and his eye for choosing projects with a high rate of return helped make the company what it is today. He ensured that UTC would go into the future prepared for the changes that would surely come by always investing a large part of the company’s budget to purchasing technological equipment that keeps it at the forefront of its industry. His help with the move to pick up Goodrich made UTC the exclusive supplier of the F-35 engine for the government of the United States. Forbes recognized Chenevert for his part, since 1993, in guiding the major improvements that built UTC all while working through a major recession in the U.S. economy. While companies like Zenith and RCA were losing ground, UTC was thriving under Chenevert’s expert leadership.
In 2014, Chenevert left UTC and handed the reigns over to Edward Kangas, who was the lead independent director before becoming the new CEO. Louis now enjoys spending time with his family, and UTC will always be grateful that it had a leader like him to get them through some of their most trying times.