Prior to being appointed CEO and chairman of UTC, Chenevert was the chairman of UTC’s Pratt & Whitney Canada business unit for more than 10 years, and the unit’s performance improved tremendously during this time. This excellent performance is what led to his appointment as chairman and CEO. The two positions are very demanding and needed someone who had a lot of experience in business management. Louis was the best candidate, and he has definitely lived up to the high expectations people had of him.
Under Chenevert’s leadership, UTC’s share price increased to $117 from just $37 when he took over. This is no mean achievement. He led UTC in closing one of the biggest deals in the aerospace industry in America, the Goodrich acquisition. The acquisition was a very strategic move for UTC as it enabled the company to start providing aerospace services and products. UTC increased its range of products and services during Chenevert’s tenure, making it even more competitive in the industry.
Louis cares about the environment and during his time at UTC, he always strived to ensure that the carbon footprint of the company was as low as possible. He encouraged the development of more environmentally friendly products, such as the Geared Turbofan (GTF). He was keen on ensuring that the employees of UTC got the opportunity to further their studies through the scholarship program at the company. UTC surely has a lot to thank Chenevert for.
Chenevert’s all-round approach to leadership is what enabled him to achieve so much during his time at UTC. His knowledge of the industry and of business in general also played a big part in his successful career. He set a good example for the current CEO of UTC, Gregory J. Hayes, who is working hard to follow in his footsteps and ensure that UTC maintains its excellent performance.