Louis Chenevert’s Legacy at United Technologies Corporation
V Pratt & Whitney Geared Turbofan engine is a perfect example of UTC investing in its future. This engine is currently flown in 72 aircraft ranging from 14 different airlines. Twenty years and $10 billion were invested to create this engine in order to reduce emissions, noise, and the amount of fuel burned.
Not only is UTC interested in investing in technology that helps the economy and ensures manufacturing jobs, they also invest in people. An Employee Scholar Program helps send employees to earn degrees in any field they desire, paid for by UTC. 39,000 degrees have been earned since 1994. UTC considers this to be their best investment.
Louis Chenevert, former CEO for UTC, during his tenure he was able to increase appreciation in shareholder value by 200%. Chenevert explains that by serving both military and commercial needs, UTC is able to serve continual business, sheltering it from the usual up and down swings of the market.
Under Chenevert’s direction, focus and imagination were the tools used for allowing UTC to stay ahead and as a result, they are able to profit on each and every step of a product life-cycle. They also involve themselves in giving advice, offering maintenance, and repair services.
Louis Chenevert has learned a lot about great business practices over the years. He worked at General Motors for 14 years. From 1999 through 2006, he served as President for Pratt & Whitney. Later he would serve as Chairman and Chief Executive Officer of UTC. In 2011 Chênevert was awarded a doctorate honoris causa from HEC Montréal.