Louis Chenevert is widely acknowledged as one of the great legendary businessmen of our time. People such as Bill Gates and Steve Jobs would call him on the phone to gain his advice. The reason he was hailed with such greatness was because of his successful time running the United Technologies Corporation as their CEO. He ran the company during the time of the great global recession during the mid 2000’s. While other companies were closing their doors left and right, he was able to raise the stock prices of his company by a whopping $90. While other people were going bankrupt, he was making millionaires his sleep.
Recently, he stepped down from the position of chief executive officer and the entire executive team held a celebration to honor his time as CEO.
One executive officer told that the thing he respected the most about Louis Chenevert was his ability to get the United Technologies Corporation to the point that it was considered friendly to the environment. This was accomplished by working with the engineering team to reduce water consumption by 53% and produce 26% fewer carbon emissions. This prepared his company so that when the Canadian government passed stricter regulations, the United Technologies Corporation was one of the only airline companies that could compete. This, of course, netted them many several contracts that they otherwise would not have.
Another executive said the thing he admired the most about Louis Chenevert was his ability to offset the deficit in the main company. Louis Chenevert was able to offset the deficit in UTC by purchasing other companies that were on the periphery of what United Technologies Corporation was already making but had not yet been affected by the great recession. He used the profits made from those subsidiaries to pay off the deficit of UTC to keep it afloat until a time when it could gain a hold again in the market.
Another executive admired how Louis Chenevert was capable to reduce inter-company spending. Through moving several key factories they were able to save another $150 million per year.