The United Technologies Corporation has done as well as it has because of the wise leadership of Louis Chenevert. Through Chenevert’s knowledgeable business practices, Chenevert was able to stabilize the profits of UTC, equip their workers to one day take over for management, and to decrease the harm they were causing the environment. These three things altogether commanded him a salary compensation package totaling over $26 million. (See: http://reporterexpert.com/louis-cheneverts-business-successes-past-present-future/)
It was important when Chenevert first arrived at UTC to stabilize their profits during that volatile time. The entire country was in a recession and this, in turn, was impacting the world. UTC was hit especially hard since governments were no longer hiring them for aerospace contracts. Chenevert decided that the best way to help their bottom line would be to acquire similar companies that could offset the deficit. Go To This Page for related information.
The first company he acquired was Pratt & Whitney. Pratt & Whitney had several military contracts that UTC could use to pad their bottom line. These military contracts would last for the next ten years, and thus, guarantee UTC profit for a while.
The second company that he acquired was the juggernaut Goodrich. This enabled UTC to continue creating aerospace merchandise, but now they could sell it to commercial airlines. Though this acquisition cost the company $16.3 billion, it raised the net worth of the company to $68 billion.
Chenevert would also focus on training all of the employees to one day become executives. This did two things instantly for his company. First, it empowered people to be better at their jobs. Secondly, it gave every worker the passion they needed to shoot for that promotion. This ended up bringing out the best that the people had to offer.
The last thing that Chenevert did for the United Technologies Corporation was help them meet environmental regulations. During this time, the Canadian government was passing the strictest regulations they had ever seen. Chenevert knew that if they were going to continue doing business, they would have to get ahead of those regulations. Louis Chenevert then decreased his company’s gas emissions and water consumption by 70%.
Read more about Chenevert on crunchbase.com