It is true that Louis Chenevert is hailed by many in the corporate world as a legendary businessman. He earned this wonderful title due to his marvelous work at United Technologies Corporation. When he was hired as their chief executive officer, it was at the time of the great global recession. He single-handedly was able to raise the stock from $37 to $117 a share. Not only did this make several people millionaires many times over, but it solidified him as one of the business greats.
Louis Chenevert recently stepped down from the position of chief executive officer at United Technologies Corporation. As is the tradition, they held a celebration ceremony in his honor. During that time, the executive team came forward one by one and told of the many wise business practices that Louis Chenevert did to help United Technologies Corporation become number one in Canada.
The first executive spoke on how Louis Chenevert was able to prepare United Technologies Corporation for the new environmentally friendly world. He knew was only a matter of time before the Canadian government passed stricter regulations upon the airline industry. Prior to those new government regulations coming into effect, Louis Chenevert was able to lower both water consumption and carbon emissions on their own personal aircraft. He also accomplished this on the parts produced by the company. When Canada finally passed their laws, UTC was one of the only companies that was able to compete.
The second executive spoke on how Louis Chenevert was capable of stabilizing the company even during the time when they were facing deficits in profit. He offset these deficits by purchasing other companies and using their profits to offset the loss at United Technologies Corporation. Some of those companies were Pratt & Whitney, Otis, and their competitor, Goodrich. Though these acquisitions cost the company around $18 billion, they raised the worth of that company to $68 billion.
The third executive spoke on how Louis Chenevert was able to decrease spending in the United Technologies Corporation which saved them over $150 million per year. That is no chump change.