On the 8th of January, 2010, Louis Chenevert took over as the Chairman of United Technologies after being appointed as the President and CEO in April, 2008. The French-Canadian born, took over the role enthusiastically, with a high reputation to support his election after the resignation of George David. Louis had previously served at UTC’s Pratt & Whitney Division from 1993 and became the president of the division from 1999 to March 2006.
Despite his resignation on December 8th, 2014, much can be said about Chenevert’s excellent service within the short period. At the top of his achievements was the acquisition of Goodrich, an aerospace manufacturing company, after more than a year of negotiations. The two companies sealed the deal at $18.4 billion.
Louis dedicated his leadership towards investments in advanced technology for people. UTC’s Employee Scholar Program has proudly helped more than 40,000 employees in acquiring their degrees since 1996. The company’s investment in education has seen over $1 billion spent to enrich personal employee lives, and the company status.
In a move to ensure the business’s success through investing in modern technology, Chenevert guided UTC into acquiring a contract to being the sole supplier of the F-35 engine for the U.S. government. Chenevert demonstrated shrewdness in the deal after Rolls-Royce, and General Electric declined the lucrative offer.
Under his steady leadership, UTC’s Sikorsky branch continues to be a leading manufacturer in the aerospace industry. The unit is responsible for the manufacture of helicopters, heating, air-conditioning, and refrigeration systems. The GTF engine, a product of more than two decades of investment and an astounding $10 million, is one of UTC’s greatest achievements and continued to thrive under Chenevert’s rule.
While companies such as Bethlehem Steel, RCA, and Zenith and Philco fell during the recession, Louis sought to invest and clinched Goodrich at a lower price, steering the company forward once the economy stabilized. His ability to plan and secure deals that will see UTC and its subsidiaries prosper in the future was an asset to the company. Louis Chenevert’s undeterred optimism should be a management style that CEO’s should consider taking up in the future.