Many senior executives endeavor to build a positive legacy, inspire employees, and mentor the next leaders. Louis Chenevert, United Technologies Corporation’s former CEO, left a lasting impression at the company.
Louis Chenevert’s appointment came at a time when recession threatened the market operations. Nevertheless, the company’s share price increased to 117 dollars from 37 dollars increasing the shareholder value by 200% in his time. Louis Chenevert’s objective was to grow the company through enabling efficiency, increasing the market reach and products and engaging the employees. At some point, he relocated several engineers to Connecticut after he discovered that their skills were underutilized.
Chenevert worked to consolidate the company’s operations into manageable, functional businesses. UTC’s major business units include aerospace and building technology. He merged Otis operations and the control and climate segment to ensure the company effectively offers solutions. Similarly, he linked Pratt and Goodrich operations.
Goodrich, an aerospace manufacturing company, was acquired under his leadership. Louis Chenevert synchronized its operations with that of Pratt and Whitney and Hamilton Sundstrand to produce the several products that meet the market needs. In another strategic move, the company majority stake in International Aero Engines consortium. The transaction boost UTC’s relationships with stakeholders in narrow-body aircraft operations.
Louis implemented strategies aimed at creating a balance between the market and the consumer. He mastered the demand cycles in the industries to project the revenue streams throughout the year. Louis then ensured that UTC maintained its skills and capabilities in various aspects of the aerospace market. UTC’s revenues come from current products and manufacture of new commodities and hence benefit from the multiple product cycles.
UTC continues to excel even after his resignation in 2014. Currently, Louis Chenevert holds an executive position at Goldman Sachs.