Louis Chenevert, the business wizard and legendary entrepreneur, earnt that status due to the things he accomplished at United Technologies Corporation.
When Chenevert arrived at United Technologies Corporation the situation was dire indeed. At that time the world was facing a global wide recession in the economy. Many different sectors were negatively impacted, and this included the aerospace manufacturing industry which was the primary profit of United Technologies Corporation.
Chenevert understood that if UTC were to continue dominating that sector, they would need to branch out and diversify their profit portfolio. He decided that the best way to accomplish this was to work on three different fronts.
He began by looking to get into military contracts since these were not only lucrative, but they were also consistent. A military contract lasted anywhere between 5 to 20 years, and if UTC could get enough of them, they would be able to invest with some certainty that they had the money coming in. In order to gain military contracts, UTC purchased a rival company known as Pratt & Whitney. By doing this, they gained dozens of military contracts from Japan, Russia, Canada, and United States. These government contracts gave UTC the stability to continue expanding.
The second thing that Chenevert did to stabilize the United Technologies Corporation was branch out into the heating and cooling sector. By partnering with, and later acquiring, Otis United Technologies Corporation was in a prime position to begin long-term contracts with other corporations.
The last thing that Chenevert accomplished during his time at UTC was acquiring their rival aerospace manufacturing company other Goodrich. This acquisition allowed United Technologies Corporation to begin producing aircraft engines and sensors for commercial airlines such as Delta and United airlines. See: (frenchtribune.com/teneur/25552-innovative-deals-and-inspired-leadership-characterize-louis-chenevert)
Perhaps the best thing that Chenevert did with his time as chief executive officer was help UTC become more environmentally friendly. When he arrived, they were paying millions of dollars a year in government fines. However, he was able to work with the engineering department to decrease both water consumption and carbon gas emissions this save them millions of dollars a year. Visit This Page for more information.
Check him out on Forbes.