Louis Chenevert has done excellent things in his time as a businessman. He took on the role of chief executive officer at United Technologies Corporation in 2006. He would keep this position for eight years and in those years become highly successful through his work with this company.
He was operating as chairman and CEO at UTC during the time of the great recession. The great recession hit the aerospace manufacturer industry hard. The United Technologies Corporation was well known for researching and creating products to deal with aerospace problems. They were mostly creating jet engines for both the military and commercial airlines. They would produce flight controls and aerospace systems for these airplanes. However, during the great recession these items took a strong hand on the market. However, he was able to keep this business not only a float but growing as well.
He decided the best way to handle the great recession would be to diversify. He moved his business on to play key role in the refrigeration and AC industry. His Connecticut-based climate and controls security building became the dominant force around the globe in producing heating and cooling systems.
He would also purchase the world’s oldest escalator company Otis. This gave him the ground he needed to expand into corporate infrastructure.
His work in these areas paid off in dividends. This is quite literal. The United Technologies Corporation has not missed a dividend payment and 77 years. In fact, they were able to raise the dividend payment last year by 10%. Under his leadership, the stocks rose 200% and made many people wealthy in the process. He was awarded a compensation package of $22 million that only grew over time. His company, which is based in Hartford, Connecticut, is now worth $63 billion according to Forbes magazine.
For the last 10 years, the United Technologies Corporation has managed to generate more than two times the amount of shareholder returns when compared to the closest Dow Jones average. No wonder he was named the person of the year by the Aviation Week and Space Technology magazine.