Louis Chenevert is a Canadian entrepreneur who served as the chief executive at United Technologies Corporation (UTC). He was also the corporation’s chairman. He went to HEC Montreal for his bachelor’s degree: production management. Louis is the recipient of HEC Montreal’s 2011 honorary doctorate. Indeed this same year saw him named ‘Aviation Week and Space’ Technology’s ‘person of the year’.
Louis was Pratt and Whitney’s president, having been elected to this position in 1999. Prior to rising to the presidency, he was with the company for six years. In 2006, he became the president and chairman of Chenevert until 2014 when Edward Kangas took over. Between the years of 2011 and 2012, he was Vice chairman of the Business Council’s executive committee.
UTC during the Recession
The question of how UTC was able to remain ahead in the business during a time of recession finds its answer in the excellent execution and management of its former chairman and chief executive, Louis Chenevert. UTC was able to do well in spite of the stiff competition from foreign manufacturing firms and limiting regulations.
The $63 billion conglomerate, which is headquartered in Hartford, Connecticut, maintained its lead in the aerospace sector without paying its staff poorly, evading compliance with environmental regulations and without leaving its home base. The preparations made by Louis made it such that there was little or no pinch felt during the recession.
Although Louis was elected the chief executive during a time of recession, the corporation’s share price rose from a mere $37 to $117 meaning that the shareholder value went up by 200 percent.
UTC’s performance was not borne of the typical rise of expenditure in investment in technology and human resource. Indeed, Chenevert did not opt for production outsourcing nor wholesale offshoring of policies. In terms of human resource allocation, Louis relocated aerospace engineers to Connecticut from a low-cost community.
During his time as the CEO, Louis made changes in the corporation’s portfolio so that there was a balance in its businesses. The corporation strategy begun to pay as it was now receiving returns from new products and the sustained quality of existing products. This idea to diversify and increase products brought the corporation more turn over as a whole.