At United Technologies Corporation, the future is something that without a doubt needs investment. Current UTC Chairman and CEO, Gregory Hayes understands the value of investing in not only innovations, but the people that are behind them. This is the forefront of a successful business for years to come. The new Pratt and Whitney GTF engine is a prime example of this commitment. Taking 20 years and around $10 billion to bring to life, it is now being used by 14 airlines and is currently on 72 actual crafts. The new GTF engine has a 16% reduction of fuel burn, produces 50% less emissions, and cuts the noise footprint by a whopping 75%.
Former CEO, Louis Chenevert was born in Quebec and joined UTC in 1993. With his Bachelor of Commerce degree in Production Management from HEC Montreal, he helped UTC not only survive the manufacturing slumps that took over the U.S., he kept the company on the leading edge of creation and innovation of aerospace technologies. Keeping the company in its birthplace, Connecticut, and continuing investments in technologies and workforce, UTC’s shares went from a low of $37 a share to $117 while CEO. Chenevert avoided layoffs of engineers during his time by moving hundreds of engineers back to Connecticut.
With a fierce focus on business, Chenevert not only built up a family of complimentary technologies, he understood the revolving cycles of demand, putting the company in business with both commercial and military sectors. Revenues in not just the manufacturing of new products, but the maintenance of delivered products keeps UTC’s profit margins up and investors happy. Although Louis Chenevert left UTC in December of 2014, it seems as though the new CEO, Gregory Hayes is following the previous focus of investment.