Louis’ time at United Technologies Corporation
Louis R. Chênevert served in United Technologies Corporation (UTC) in many capacities. In April 2008, he became the Chief Executive Officer and President, and in January 2010, he became the Chairman. He worked in the three positions till his retirement in November 2014. Louis was also a Director and Chief Operating Officer of United Technologies from March 2006. He became CEO when the subprime recession was at its worst, but during his tenure at UTC, their share price rose from $ 37 to $117 resulting in more than 200% increase in shareholder value.
UTC has never failed to pay dividends in its 77 years of operation despite operating in Connecticut which is an expensive place to run a business. To be cost-effective, Louis chose a different strategy, unlike other firms that sought to outsource their workers from countries with people willing to work in exchange for cheap wages. With Chênevert at the helm of UTC, the company avoided laying off engineers by moving them to Connecticut to enable them to utilise their skills in military and commercial markets where they were needed.
Louis was able to arrange UTC’s acquisition of Goodrich Corporation, an aerospace manufacturing company, to reduce internal production costs and further expand their market share
Career before UTC
Before joining United Technologies Corporation, Louis was the president of Pratt & Whitney from 1999 to March 2006. Before working for Pratt & Whitney, Louis worked at General Motors for 14 years and served their St. Therese operation as the Production General Manager. Between 2015 and 2017, Chênevert was the Senior Industry advisor at the Banking division of Goldman Sachs Merchant.
He is currently Business Council Member, Chairman of Congressional Medal of Honor Foundation and Advisory Board of Yale Cancer Centre. Chênevert also serves as a Director at Cargill, Inc. and was inducted in 2005 as a Fellow of the American Institute of Aeronautics and Astronautics (AIAA). He is a founding director and Chairman of International Advisory board of HEC Montreal, as well as Chairman of the Board of Directors for the friends of HEC.