The banquet hall was full. People who had worked in the business over the last few decades came to celebrate and honor the life of Louis Chenevert. He was the chief executive officer of United Technologies Corporation and it was only because of his hard work and his wisdom that the company is thriving today.
After enjoying the champagne and the hors d’oeuvres he returned to his corner office on the top floor and began to reflect on how the United Technologies Corporation became so successful. It is true that he was a wise chief executive officer and he knew his plan going in, but it was in the reflection that he realized just how strategic his ideas were.
The great recession nearly destroyed the United Technologies Corporation. When he was called to become CEO the stock price was tanking and falling by the second. He knew that something had to be done if this once great aerospace manufacturer was to survive.
The first thing he did was create extra income revenues that would help his company stay afloat. He worked with Pratt & Whitney to take their military contracts and worked with Otis to take over their corporate infrastructure contracts. Perhaps the most eyebrow raising was when he acquired the business Otis for a grand sum of $16 billion. Many people did not think that was a wise move during a time when businesses were struggling to stay together. However he knew that by diversifying in this way UTC would be able to not only survive, the company would be able to thrive.
The second thing he did was decrease the exuberant spending existed in the company. He saved his company $15 million a year just by transporting goods between his factories.
The third thing he did was regulate his company to abide by environmental law. This alone gave his company contracts that otherwise would have been out of reach.
Now retired from United Technologies Corporation, he works as a consultant for Goldman Sachs. He brings much to the table and is placed in the executive banking division.
Canadian-born businessman Louis Chenevert received his education in Production Management at HEC Montreal, a business school that’s affiliated with the University of Montreal. After completing his studies there, and earning a Bachelor’s degree, he went on to work in management positions at several reputable companies such as Pratt and Whitney, where he was elected as President in 1999. He worked at the company for 6 years before moving on to the General Motors company, where he worked for 14 years. While there, he managed to acquire a deal with Goodrich for an estimated $17 billion.
After he joined the jet engine manufacturing company known as United Technologies Corp, or UTC, in 1993, Louis Chenevert maintained its stability during a time when the U.S. was experiencing a recession by choosing not to use outsourcing methods for the production of the company’s military and commercial planes, but to instead bring in a very skilled aeronautical team to its Connecticut-based operation so they could use their professional engineering talents where they were most needed. Because of this strategic move, the company’s yearly income increased substantially, and by 2006, the astute businessman was elected as UTC’s President and CEO.
UTC is not only a builder of advanced military planes, but it also operates the elevator and escalator company called OTIS. Since becoming the leader of the business, Louis Chenevert has been recognized by a number of organizations that honor excellence in the corporate world. One of those organizations was Aviation Weeks and Space Technology, who named him Person of the Year in 2011. He’s also received a Humanitarian Award from the FDNY Fire Commissioners, and a Pace Award for Leadership in Business Ethics, as well as a National Building Museum Honor Award.
Although Louis Chenevert is now retired from UTC, he continues to serve as a Senior Advisor for the Goldman Sachs Group’s Merchant Banking Division, where he searches for investment opportunities in the aerospace industry. Now that he has more time to enjoy pursuing his hobbies, he spends most of his time aboard his 110 ft. yacht, which has always been one of his passions.