Louis Chenevert is a legend among business executives. When people look at his run with United Technology Corporation, it is no wonder that he can be called one of the greatest businessmen of all time.
During his time at United Technologies Corporation, he was able to stabilize the aerospace manufacturer during a time when the entire industry was in flux. He was able to do that because he expected the company to have assets in other sectors. This allows him to do several things. He was able to use the profits in other sectors to offset the deficit in the aerospace industry. Also, because he included them as subsidiaries of the larger Corporation, should there be a profit loss, he could dump them on the subsidiary without affecting the main Corporation.
During his time working with United Technologies Corporation, he was able to raise their stock price from a respectable $37 to a fortune making $117. His reward for this was a compensation package totaling over $22 million. In this compensation package, over 4 million was given as stock options, over 4 million was a cash bonus, over 1 million was a salary, and over 11 million contained other options granted to him. Visit This Page for more information about Louis Chenevert.
During his run as the chief executive officer, one of the main things he had to do was secure more contracts from dependable organizations. Chenevert began by expanding into creating jet engines for both the military and private corporations. His skill at bartering and negotiation was able to land him contracts to the point that United Technologies Corporation eventually became the world’s largest provider of military aircraft. In order to keep expanding in the military sector, United Technologies Corporation would acquire Goodrich for $16.3 billion investment.
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He was able to keep United Technologies Corporation stable by spreading out into the refrigeration and AC industry, producing sensors, flight controls, and aerospace systems. Working in these related but different sectors allowed him to offset the deficit and once the aerospace manufacturing industry stabilized to secure great profits for his wonderfully growing company.
He would step down in 2014.