The CEO should be the company’s steward, leaving it better than he found it. These are words the current CEO of UTC, Gregory Hayes keeps reminding his employees. He says it is important that with every task employees carry out, they do it knowing it impacts not only to the company’s immediate aim which is making profit but also the company’s future. This is a lesson he learned from his predecessor; Louis Chenevert.
Louis Chenevert was named the CEO of UTC, United Technologies Corpporation, in 2008. During his reign, he saw the acquisition of the turbofan engine from Patt and Whitney which turned the company’s future for the better. This engine is currently used in over 70 aircrafts owned by 14 airlines. This engine not only changed UTC’s future, it also changed the airline industry. Reducing the fuel consumption of aircrafts by up to 16% and their emissions by 50%, the Turbofan engine they acquired has revolutionized the industry.
Louis Chenevert’s success in changing the industry did not begin when he was the CEO of UTC. It began when he invested in the design and development of the jet engine decades before his appointment. He gave 10 billion that went a long way in developing the engine. In doing this, he was following his desire to revolutionize the industry. And he succeeded. He also made the company a driving force in the county’s economy. Following their expansion, UTC created 5000 new positions and employed over 25000 new employees.
There really is no point in hopping to expand a company when the people you are working with remain stagnant. Louis Chenevert knew that for UTC to grow, the employees would have to grow themselves as well. As a result, he came up with an employee scholar program, this initiative helped several employees to further their education. As a result, when the time came for UTC to expand, they were ready for the expansion.
They say every strong building has a strong foundation. For UTC to go global, the person laying the foundation had to do a thorough work. Louis Chenevert’s vision helped lay this foundation. It has made UTC what we know it as today.