Born and raised in Montreal, Quebec, Louis Chenevert grew to become one of the most influential businessmen in the world. He holds a bachelor’s degree in production management from HEC Montreal, a business school affiliated with the University of Montreal. He put to practice the knowledge he gained about management to become the icon we know him as today. Chenevert’s principles and leadership strategies have been adopted by many business leaders around the world who intend to maximize their companies’ success.
Development of Louis Chenevert’s Career
Chenevert worked at General Motors for fourteen years. While there, he became the Production General Manager. In 1993, he was employed by Pratt & Whitney, an aircraft engine manufacturer. The company’s unit performance increased greatly during his time there, which led to Chenevert’s appointment as the President of the company in just six years. However, that was just the beginning of his professional success. In 2006, he was appointed as the Chairman and the Chief Executive Officer of United Technologies Corporation (UTC).
Role at UTC
UTC is a company that is involved in the research and eventual manufacture of high-technology products. The company is involved in the processes such as putting together one-of-a-kind jet engines required for both commercial and military use. In addition, UTC plays a key role in refrigeration and air-conditioning industry, as well as the production of sensors, flight controls among other tools used in the aerospace system. For that reason that the company required someone with unmatched business management skills for it to run.
Following his appointment, Louis Chenevert played a major role in elevating UTC to the next level. It was through focus and imagination, as he later revealed, that he was able to make such large strides. Chenevert also attributed his success at UTC to his willingness to invest in the future and technology.
Chenevert contributed to the company’s impressive share price increase from approximately $37 to $ 117, nearly 200%. As a result of the great financial performance, UTC ended up being the most profitable conglomerate company in the United States of America.
Even further, Chenevert was able to successfully acquire Goodrich for $16.3 billion. This acquisition goes down in history as one of the biggest aerospace deals in the history of America. In merging the two companies, UTC established itself as a fully-fledged company that could produce its own products. Chenevert’s foresight and incredible contributions to the company not only maintained its success, but established it as a front runner in innovation.
The Need to Invest in Technology and the Future
Louis Chenevert understood the importance of investing in high quality, innovative technology. The foundation and principles that he set towards this were of great importance towards growing the economy of the United States. For Chenevert, investing in innovation didn’t just refer to technology, but people as well. When he noted that a group of engineers were at a site that was not as productive as it used to be before, he transferred them to Connecticut where the set of skills they had were needed. That way, they continued being productive and avoided potential layoffs.
The current CEO of UTC applies the logic that Chenevert did. He also acknowledges the importance of investing in the future as a way of ensuring that the company will remain successful. High-end technology coupled with the quality education of the employee will lead to better performance. Through the scholarship program that they offer, a large number of employees have been able to earn degrees in their areas of interest. It is without a doubt that these employees end up being more productive and innovative.
Contribution Towards Environment-Friendly Products
With global warming being a looming threat, it is important to make careful considerations about the environment as the manufacturing of goods continues. Louis Chenevert led UTC to make user-friendly and eco-conscious products as they understood the need. Greenhouses gas emission and water consumption were reduced by 26 % and 53 % respectively since 1997. By doing so, a company’s products will sell higher across the world as they are environmentally friendly. He further urged other companies to follow in that example.
Awards and Acknowledgment
Due to his outstanding professional success, Louis Chenevert’s work and contribution have been extensively recognized. He was awarded by the National Building Museum in 2009 following his appointment as the president of the UTC Company. In 2011, he was awarded a doctorate honoris causa by HEC Montreal. Later that year he was named “Person of the Year” by the Aviation Week and Space Technology magazine. He was also recognized for having greatly contributed to the growth and performance unit of UTC.
Legacy at UTC
Louis Chenevert stepped down as the CEO of UTC in 2014. However, the company still owes him a debt of gratitude. This is because they are still benefiting from the high standards and achievement that he had set for the company. They still apply the principles and values he instilled before leaving the company.
Chenevert is a respectable businessman who is internationally recognized for his great work. Through his innovative ideas, great business decision-making skills, and steadfast principles, Chenevert contributed significantly to the growth of every company he has been with. Currently, Chenevert works as the Exclusive Advisor of Merchant Banking Division Goldman Sachs.