Louis Chenevert was formerly the CEO of United Technologies Corporation UTC a conglomerate company that manufactures innovative products for both commercial and military use. During his tenure, he was able to grow the prospects of the company remarkably, when most other manufacturing companies were achieving dismal earnings and were in decline. He managed to grow the company’s share price from $37 when he took over as CEO in March 2006 to a high of $117 when he left the organization in December 2014. This success came at a time when the country was in the midst of the sub-prime recession. Louis also managed to grow the organization’s prospects, while retaining employees, not moving manufacturing units out of the country, maintaining quality standards of products, and adhering to environmental regulations. He overcame all factors that drove most other manufacturing industries to move, close or sacrifice their standards. Here is a look at the company in addition to how Louis Chenevert achieved astronomical success while working as the CEO of UTC. Read more about Louis at crunchbase.com.
UTC is headquartered in Connecticut, America and has various divisions that produce a range of product. Companies include Otis, a company that is the largest manufacturer of elevators and escalators as well as Sikorsky, which is known for producing helicopter. The parent company also operates a company that produces supporting technologies in a range of products such as air conditioning and fire detectors to name a few. It also famously runs an aerospace systems division that is involved in the production of technologies for the aerospace industry such as landing gears and actuators among others. That is quite a large portfolio for an organization to be involved in, and some companies would end up spreading themselves thin, but UTC has found a formula that works. Here are some examples of how UTC has innovatively managed to remain relevant, competitive, and successful under the leadership of Louis Chenevert.
Louis Chenevert has combined good business practices, visionary leadership, and a system that values employees to create success for UTC. To begin with, the company has managed to offer complementary technology products to the industries that they work with. This strategy cuts across all their divisions whether they are producing products to be used for industrial, commercial, or military purposes. A good example would be how the elevators produced by Otis division and the air conditioning units produced by Carrier division when combined offer complete product solutions to the construction industry. UTC has also used its diverse product range as a way of ensuring continuous revenue streams by having high technology solutions for commercial and military markets. Market diversification has helped the company realize sales when the two markets are in different divergent seasons.
Under the stewardship of Louis Chenevert, UTC has manufactured and produced high-tech products that are top of the range in functionality and capability. Undoubtedly, the superior quality of the products has also contributed to the success of the organization. The investment of the company in its human resource has been the key factor in the ability of the company to manufacture these quality products. The company has a policy that encourages employees to take up lifelong learning and has an Employee Scholar Program that has so far seen 39,000 employees attain degrees in their fields.
Louis Chenevert has had exceptional success while working as the CEO of UTC and has managed to set an example that other industry leaders can emulate. Visit United Technologies to know more about Louis.