Canadian born businessman Louis Chenevert has made remarkable impacts on every company he has been. His name cannot go unmentioned when a discussion on legacy arises at United Technologies Corporation (UTC). His stunning achievement before, during and after his time in UTC is a song that never seems to fade away anytime sooner.
Shortly after graduating with a Bachelor of Commerce Degree in Production Management from HEC Montreal, he began his career in General Motors. His dedication and timely production would soon scoop him a post as the company’s production manager. Later on, he ascended to the General Production Manager position overseeing massive scale production within the company. In 1993 after 14 years of his service in the company, he moved to work for the aerospace manufacturer, Pratt and Whitney in their Canadian branch. (Read Louis Chenevert’s Business Successes Past, Present and Future)
At that time the economy was terrible for the company, but he improved its processes thanks to his effortless work and insights. Six years down the line, the company’s market share in aerospace industry expanded leading to his appointment as president of the company in April 1999. The Company was a subsidiary of a multinational corporation, UTC that was driven by both military and civilian economy. They produced an array of products including elevators, HVAC’s, aircraft engines and security systems.
In 2006, Chenevert’s efficient productivity and increased profits at Pratt & Whiney gave a heads up to his appointment as CEO of UTC in the depths of the subprime recession. In 2009 he scooped the National Building Museum prestigious award. Later in 2011, HEC Montreal awarded Louis an honorary doctorate. He ended that year gracefully been named “Person of the Year” by Aviation Week and Space Technology magazine.
While he was President of Pratt & Whitney, Louis Chenevert realized how a particular GFT turbofan engine would become something big. True to his word, when he became CEO of United Technologies Corporation; the company invested $10 billion and spent two decades manufacturing the jet engine that would completely change the industry. The GTF engine reduces emissions by 50% and reduces fuel consumption by 16%. Today, GTF is flown by more than 14 global airlines on over 70 aircraft. Most probably this would have never happened was it not for Louis’s vision on the future potential of the company.
Louis Chenevert employed one risky strategy of relocating production to the United States from their home state Connecticut. The move wouldn’t appear as a cost-effective solution as most businesses preferred cheap labour especially that time when there was a severe economic recession. However, he argued out that cheap labour diminished the quality of the product. Today, Pratt & Whitney has manufacturing plants across The US that satisfies the needs of current and future clients too.
Also, the acquisition of Goodrich Corporation was one of the most significant achievements of Louis. In 2011, UTC absorbed Goodrich parting with $18billion. This gave UTC a high-level dominance in the world. In his tenure, Louis increased the value of UTC stock from $37 to $117 a share. Read This Article for related information