The growth of United Technologies Corporation or UTC to the leader in the aerospace industry, especially after 2000, is a management lesson for all the industries. But, the reason behind the tremendous growth is because of the inspirational leadership of its CEO and Chairman, Louis Chenevert. He was focused on investing in advanced technologies, and due to that reason, he ensured the UTC is acquiring Goodrich, a leading aerospace player, in 2012. Interestingly, it was found to be a highly calculated investment and enhanced the technological advancement and capacity of UTC in the later years.
Apart from putting rigorous efforts in advancing technology, Chenevert was also specific about advancing his people. Since he became the CEO of the firm, Chenevert worked on making the company a great organization with experience and knowledge. He thought that investing in right technology takes the company far and on right people takes even further. With that mission, he introduced an Employee Scholar Program that offered coverage of education expenses of employees in their fields – an encouragement for further education.
It helped more than 40,000 employees across the globe grabbing higher education, and UTC invested more than $1 billion in people over the years, in the United States. Chenevert is known for forward-thinking and taking the vision of the firm further. He thought inspiring people to achieve great things is a way to innovate the company. His leadership skills were highly visible when the Federal government granted agreement to build a second alternate engine for the F-35 Fighter plane to Pratt & Whitney, a subsidiary of UTC. GTF engine from Pratt & Whitney that took two decades of development and $10 billion investment was another great achievement of Chenevert.
Chenevert started his career with General Motors and spent almost 14 years with the firm before joining the UTC group. In 1993, he joined Pratt & Whitney Canada division, and in 1999, he was elected as the president of Pratt & Whitney. He was selected as the CEO of UTC in the year 2008 and elected as the Chairman in 2010. In 2014, he resigned from UTC and joined Goldman Sachs as Exclusive Advisor on aerospace industry growth opportunities.