United Technologies Corporation has become a dominant force in the aerospace manufacturing industry. This is due to the wise leadership of Louis Chenevert. In fact, Chenevert did such a wonderful job with United Technologies Corporation that he has been hailed as a legend amongst business associates.
By the time Chenevert left United Technologies Corporation, he was commanding a salary package of $25 million. This included a $1.5 million salary as well as in $8 million cash package as well as over $10 million worth of stock options. Visit utc.com to know more about Louis Chenevert.
Chenevert was able to gain such a salary package because he helped the United Technologies Corporation do better business on three different fronts.
He began by decreasing the expenditures that UTC was facing every year. Louis Chenevert was shocked to find that the biggest expense that United Technologies Corporation paid out every year was environmental fines to the Canadian government. Chenevert then got to work finding ways to make UTC more environmentally friendly. Working in concert with the engineers, he was able to decrease water consumption by 50% as well as reduce carbon emissions by 25%.
He also began by focusing on increasing the profit margins of the United Technologies Corporation. When he first became this chief executive officer of UTC, the entire world was facing the largest economic recession it had ever seen. One of the industries hit the hardest was the aerospace manufacturing industry which UTC specialized in. In order to retain their prominence in that field, but also offset the deficit, UTC had to diversify portfolio.
Chenevert spoke with the executive board and they decided to branch out in two areas. The first area the branch out in was military contracts. This would give the United Technologies Corporation a steady income in order to ride out the wave of economic recession. In order to accomplish this, UTC acquired the company, Pratt & Whitney.
The second area they branch out in was heating and cooling systems would and corporate infrastructure. In order to make this a reality, the United Technologies Corporation board purchased the world’s oldest heating and refrigeration company, Otis. Read more about Louis Chenevert at Crunchbase.