Everybody in the business world knows that Louis Chenevert is an absolute legend. He achieved this legendary status through his work as the Chief Executive Officer of United Technologies Corporation. He led this company through some of its most difficult years. This was in the mid-2000’s when the global recession was ransacking businesses worldwide. While other companies were failing, he was able to triple his company’s stock price and make a hefty profit in the process. Just this last year, when he stepped down from the position of the CEO, the United Technologies Corporation held a celebration of his honor.
During that time of celebration, the executive team came forward and told stories of how their CEO, Louis Chenevert, led United Technologies Corporation to greatness. The first thing they credited him with was his ability to adapt the business to the culture in the quickest fashion possible. One trend that was occurring in the culture was the need for companies to become more environmentally friendly. The United States of America and Canada were both looking to pass stricter regulations. Louis Chenevert foresaw the negative impact this would happen UTC and he led the company to consume less water and produce fewer carbon emissions.
The second thing they credited him for was his ability to stabilize the United Technologies Corporation during a time when other businesses were shutting down. Louis Chenevert was able to stabilize the company by offsetting their portfolio. The recession was hitting the main product of United Technologies Corporation hard. Louis Chenevert knew that if they were going to be able to compete they would need to acquire similar companies that produced similar products that were not being destroyed by the recession.
Louis Chenevert led the way in acquiring the company Pratt & Whitney. His main reason behind this was to gain their military contracts. The military contracts of Pratt & Whitney lasted for 10 years each and provided his company with a stable income during that time. He also acquired Goodrich which was the closest competitor, and this allowed them to diversify and dominate the market.