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.