Louis Chenevert Changed Business
You can call Louis Chenevert a business wizard. Through his leadership, guidance, mentorship, and vision, he took the United Technologies Corporation (also known as UTC) and turned it into an aerospace juggernaut that is worthy to behold.
When he arrived as Chief Executive Officer and the Chairman of the Board, he launched several initiatives immediately. Firstly, he set down plans to decrease the gas emissions from his factories and the lower the consumption of water. This he did because he knows people respect a company that cares for the environment.
Secondly, he made plans to begin producing more helicopters than any other business from his company’s plant in Sikorsky, Connecticut.
Thirdly, he moved he based his Climate, Controls & Security business in Connecticut and moved it into a dominant position in the air-conditioning, refrigeration and fire detection sector. From here he would go to acquire the world’s largest elevator company, Otis. This provided him with the diversified structure base he needed to take risks.
Fourthly, Chenevert began drumming up contracts with commercial airlines and the military for the jet engines that his company could produce with higher quality and lower cost. This caught the world’s attention and stock prices rose as a result. When Chenevert stepped into the role of Chief Executive Officer, stocks were floating at around $37. After his successful run with the company, the stock prices elevated themselves to $117. Everybody wanted a piece of the United Technologies Corporation. For those of us who are not math whizzes, that is nearly a 200% increase.
Outside of the company, Chenevert’s accomplishments have been acknowledged. His alma mater bestowed upon him an honorary doctoral degree. In the year 2011 and the year 2012 he served as Vice Chairman on the Executive Committee of the Business Council. In 2015, Goldman Sachs offered him a compensation package, whose amount we know not, to become a consultant.