Louis Chenevert was a key figure in the rise of United Technologies Corporation (UTC). Chenevert joined UTC in 2006. He is currently retired.
Chenevert is from Montreal, Quebec. He earned his bachelor’s degree in production management from HEC Montreal, which is an affiliate of the University of Montreal. He also received honorary Doctorate honors in 2011 from HEC Montreal and 2014 from Concordia University.
Chenevert spent 14 years working for General Motors, while there he worked as a production manager. After leaving General Motors he became vice-president of operations at Pratt&Whitney Canada in 1993, while there he later became president. Read more on louis-chenevert-business-giant-took-sea.
In March of 2006, Chenevert left Pratt&Whitney and joined United Technologies Corporation. He was named CEO of UTC in 2008 and became Chairman of the Board at the beginning of 2010. Following that in 2011, Chenevert had an amazing year.
In 2011, it was the year he was awarded his first honorary doctorate degree, and he was also named Person Of The Year by Aviation Week & Space Technology magazine. That year he also orchestrated a behind the scenes merger between UTC and Goodrich. This deal was an $18.4 deal. This merger created a huge creator of aircraft systems and was important in the industry.
Louis Chenevert promoted a geared turbofan engine, which was initially resisted by many. The project was extremely expensive, costing over $1 billion. The project paid off when it was chosen for an option Airbus A320NEO. The engine reduced fuel consumption by 50 percent. Over 14 airlines use this engine.
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While with UTC Chenevert stock raised over 200%. This was not based on the company cutting technology research or sending work overseas. The company, in fact, avoided layoffs, with Chenevert actually bringing jobs back into Connecticut. Chenevert maybe didn’t have great success in his early years with his first two places of employment, but he certainly flourished at UTC.
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