Some men rack up achievements while other men leave legacies. Louis Chenevert has indeed left his own legacy during his time as Chief Executive Officer at the UTC, or the United Technologies Corporation.
Louis Chenevert prepared for his time in this role by attending the University of Montreal’s affiliate school, HEC Montreal. During his time in attendance, he received a Bachelor’s Degree with a specialization in production management which would serve as the foundation for his career.
He was hired immediately after graduation by none other than General Motors. He would continue working with this corporation for fourteen years. His skills in management were evident to all, and in 1993, the corporation of Pratt & Whitney approached him with a job offer. Here at Pratt & Whitney, Chenevert would work in management for six years before being offered the role of president, a position he gladly accepted. Having cut his teeth in aircraft engine manufacturing, he would be approached by United Technologies Corporations in 2006 and asked to be the Chief Executive officer as well as Chairman of the Board.
It was at UTC that Chenevert would leave a legacy. When Chenevert first came to United Technologies Corporation, the stock was sitting at $37 a share. After working here for several years, he was able to raise the stock price to $117. This achievement granted him a compensation package totaling a little over $22 million.
Chenevert was able to transform his company by focusing on researching and creating high technology products, specifically jet engines for the private and military sectors. In addition to this, Chenevert increased the stock value by acquiring two significant companies; Otis, which is the world’s largest elevator and escalator company, and Goodrich, which was their main competitor. The acquisition of Goodrich alone cost the company $16.3 billion. However, this critical business move allowed Chenevert to increase the net worth of United Technologies to $63 billion. With such a strong financial base, United Technologies Corporation has not missed a dividend payment in over 77 years and has increased payout by ten percent every year.