United Technologies Corporation is an aerospace manufacturer that has dominated both Canada and the United States of America for several decades now. They are the largest producer of military aircraft for both governments and their juggernaut business does not seem like it will die off anytime soon. However, it was not always like this.
The United Technologies Corporation has Louis Chenevert to thank for this good work.
He took a three-pronged approach to helping the United Technologies Corporation become widely successful. The first part of his strategy was to diversify the portfolio. When he took over as chief executive officer the great recession was destroying businesses everywhere. This included the aerospace manufacturing industry. There were few companies that could afford to purchase jet engines and flight sensors which was predominantly how United Technologies Corporation made its money. In order to continue competing, he decided to acquire companies such as Pratt & Whitney, Otis, and Goodrich. These acquisitions helped United Technologies Corporation branch out into military contracts, corporate infrastructures, and overseas trade.
The second part of his strategy was to decrease the needless spending in the company. He accomplished this by moving factory’s closer to one another. He found out through a survey that United Technologies Corporation was paying over $100 million a year transporting its own goods. By changing the way factories worked with one another, he was able to dwindle this cost.
Lastly, he was able to help United Technologies thrive by helping them prepare for environmental regulations. The United States Government and Canada were looking to pass stronger environmental laws to protect God’s nature. He knew that if United Technologies Corporation was to survive they would need to become more environmentally friendly. To do this, he led the way for United Technologies Corporation to decrease their water consumption and their carbon emissions.
He recently stepped down from United Technologies Corporation and now works as a consultant at Goldman Sachs in the executive banking division. We do not know what his compensation packages, but because of everything he brings to the table, we can assume it’s hefty.
In the competitive world of business, there are many fascinating innovators worthy of note. These characters are somehow able to turn companies around armed only with good ideas and persistence. One of these impressive personalities worth further note is Canadian born Businessman Louis R Chenevert. Born in Montreal, Quebec in 1958, Chenevert grew up and chose to attend college at HEC Montreal. In 1979 he earned his bachelors from the university in business administration. Louis Chenevert achievements later in life would also earn him 2 honorary doctorates one from HEC Montreal in 2011 and Concordia University in 2014. These achievements were hard won as he began his Career at General Electric. For 14 years he impressed all those he worked with earning the position of general production manager by the time he was ready to move on. He left General Electric in 1993 and pursued a position with Pratt and Whitney Canada. Chenevert’s skills translated impressively to the new company and he was named President by 1999. After years of service Chenevert was ready to take on a new challenge. He found that challenge at United Technologies Corporation. In 2006 Chenevert joined the company and took on the role of President as well as Chief Operating Officer and Director. Follow him on Twitter.
His new undertaking proved to be what Chenevert needed, a challenge. At the time Chenevert took on the leadership role at UTC the country and the company were experiencing financial turmoil. With the recession in full swing, most companies were struggling to hold on. However, Chenevert did not focus on the obstacles instead he focused on the opportunity and he guided UTC to prosperity. The company’s stock prices were a pitiful $37 a share before Chenevert took the reins and by the end of his time running the company they had grown robustly to $117 a share. This growth delivered investors roughly 200% on their initial investments as well as dividends paid out regularly. Chenevert’s success is not limited to this growth. Chenevert impressive abilities can also be admired by how this growth was obtained. Instead of moving production overseas or infusing the company with money on new equipment of technology he achieved this growth by reorganizing the company to maximize what it already has. Find More Related Here.
Louis Chenevert is a progressive leader who has the ability to look to the future and live the moment. He has always led by example and knows that he must support a productive culture in any company that he is working with. Louis took over as the CEO of United Technologies Corporation and immediately began to instill his principles on the team in order to bring UTC back to the forefront of its industry. He was prepared to listen to new ideas and help those under his charge develop those ideas into successful business practices. UTC has been on the cutting edge of its market since Chenevert took over as the leader. He believed that the company could have a positive impact on the American economy by creating opportunity for others.
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Technology is continuously evolving. The demand for the technology gets more and more sophisticated as a market expands. Louis was prepared for these events. He made plans to hire more than 25,000 people within a three-year period in just the United States alone. The move was made to show the others in the industry that UTC was serious about creating the opportunity that it speaks of. Go Here For additional information.
The main organization should always inspire the growth of its affiliate brands. UTC uses many suppliers in order to support its huge network. Chenevert understands that he must invest in these other entities. The company dedicated up to 40 million dollars in investments over a 3-year span in order to help suppliers produce the highest quality products possible.
People are the creators of technology. Therefore, it is important to support the creative minds that are producing the ideas. In order to help its innovators, think outside the box, UTC initiated a program that would allow its team members to attend college for a bachelor’s degree no matter what the field of study is. The company pays for the tuition.
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Louis Chenevert is a graduate of HEC Montreal, which is a business school within the University of Montreal. He had successful tours at General Motors and Pratt & Whitney before moving on to UTC. Louis eventually stepped down from his position as CEO of United Technologies Corporation and looks forward to upcoming opportunities.