Louis Chenevert: the Leader who Steered UTC to Success Despite Hard Economic Conditions
Louis Chenevert served as the CEO and Chairman of United Technologies Corporation. Louis has also served as the president of Pratt & Whitney Canada. Louis hailed from Canada and attended HEC Montreal, which is an affiliate of the University of Montreal where he pursued a bachelor’s degree in production management. In 2011, Louis Chenevert was awarded an honorary doctorate from HEC Montreal. 2011 seemed to be a good year for Chenevert; he was named the person of the year by a US aviation Magazine known as Aviation Week & Space Technology. The award was as a result of Chenevert outstanding contribution to the aviation industry.
Chenevert started his career journey
at General Motors where he served in various high-level positions for 14 good years. Louis Chenevert from GM moved to Pratt & Whitney’s. At Pratt & Whitney’s Chenevert held senior managerial position and in 1999 was elected the president of the company after serving it for six years. From Pratt & Whitney’s Chenevert went to UTC and served as the CEO until December 8, 2014, when he resigned
Chenevert while at the helm of UTC played a very significant role in ensuring that the company remained at the top despite the economic recession. Most manufacturing companies at that time collapsed, and as a result, the GDP contribution from the sector dropped by 50%. UTC by then was worth 63 billion dollars and had its headquarters in Hartford Connecticut.
The role that Chenevert played in ensuring the company remained at the top
is that he managed to make UTC remain the market leader in innovation in aerospace and building space. Also Chenevert despite the hard economic conditions paid UTC workers their wages well and did not evade environmental compliance issues and other matters of public interests.
UTC under the leadership of Chenevert boasts of assembling the most sophisticated jet engines worldwide, was the largest manufacturer of escalators and elevators and was the leading manufacturer of helicopters in the United States. Additionally, UTC leads in the provision of fire detection, heating and air conditioning equipment and refrigeration.
Chenevert brought along with him a lot of experience since joining UTC-owned Pratt & Whitney engine business. As the CEO of Pratt & Whitney, Chenevert was able to grow the share price
from $37 to $117 indicating a 200% increase. Chenevert is a sharp thinker and has guided UTC in achieving a balance in its portfolio of different businesses that cater to different markets.