Louis Chenevert is a legend in the world of business. I mean, of course, he is! Look at everything he did for United Technologies Corporation when he served as their Chief Executive Officer. During his six-year stint there, he was able to increase their share prices from $37 to $117, making them all a fortune in the process. He raised the company’s value to $63 billion through several key acquisitions. He helped his company thrive in a sector that was experiencing downturns and nearly monopolized the market. For all this work, he received a package of $22 million a year. How was he able to accomplish this?
Louis Chenevert received a prestigious education at the affiliate of University of Montreal HEC Montreal. Here he received a Bachelor’s Degree in Production Management which he would use to make dozens of people millionaires several times over. Visit utc.com to know more about Louis Chenevert.
When he graduated, he received a job at General Motors in the Pontiac Division. Here he would work as a production manager to better the product. After fourteen years, he was approached by Pratt & Whitney to be trained as their next president. After being trained and groomed over the next six years, Chenevert would ascend to the role of the president of the company.
After his time with Pratt & Whitney, United Technologies Corporation offered him a job to become the Chief Executive Officer and Chairman of the Board. He gladly accepted the position.
Louis Chenevert immediately got to work expanding the share of United Technologies Corporation. For UTC to be competitive, they needed to diversify. He understood that as the economy was fluctuating, they would need assets in other sectors to offset losses of profits and keep stockholders confident in the company. To accomplish this, he began acquiring several companies.
The first company he acquired was his old stomping grounds of Pratt & Whitney. From there, he would spread the business to the air conditioner, heater, and elevator business by purchasing Otis. However, the real game changer came when he acquired Goodrich for $16.3 billion. This sent the stocks through the roof. Read more about Louis Chenevert at Crunchbase.