Louis Chenevert brought the United Technologies Corporation to the top of its game. Starting as their CEO and Chairman of the Board in 2006, Chenevert immediately began making changes that raised UTC’s stock from a measly $37 a share to a whopping $117 a share. As the company looked at a 200% increase in prices, they knew they had elected the right guy.
In order to make United Technologies Corporation competitive in the field, under Chenevert’s leadership, they acquired Goodrich for little over $16 billion. This was a record breaking acquisition for an aerospace company within the United States of America.
With this acquisition, Chenevert was able to lead UTC to begin researching and creating high end technology products. UTC found its wealth in producing jet engines (both commercial and military), refrigeration and air conditioning units, and sensors and flight controls for aerospace systems.
One of the greatest testaments to Chenevert’s business genius was that he was able to accomplish all this from the state of Connecticut. The Constitution State is a notoriously hostile and unforgiving place to American manufacturing businesses due to its high taxes and associated costs. However, even with these obstacles, Chenevert was able to generate twice the shareholder returns of average Dow Jones Industrial. United Technologies Corporation has never missed a dividend payment to its shareholders in nearly 77 years and has raised its payout by 10% just last year.
Looking at Chenevert’s accomplishments, it is no wonder that Aviation Week and Space Technologies names him their “Person of the Year”. In addition to this award, he received another from the National Building Museum.