Louis Chenvert Saves the Dying Business
The United Technologies Corporation is currently dominating the area of aerospace manufacturing. They create high-quality jet engines and flight sensors and autopilot mechanisms and landing gear for the military and private corporations. The United States of America has multiple contracts with United Technologies Corporation which makes them the largest producer of helicopter aircraft in the world. In addition to this, Delta Airlines and Southwest Airlines outsource the repairs and their work to the United Technologies Corporation.
While it is the current dominating company in the industry this was not always so. There was a time that the United Technologies Corporation was looking at a corporate merger in order to stay alive. However, before this occurred they hired Louis Chenevert to be the chief executive officer. Louis Chenevert was a wise businessman who spent his life preparing for the position of a CEO. He knew how to survive a recession and he was good and make sure it happened for the United Technologies Corporation.
He began by stabilizing the outsourced cost of the company. First of all, he had to make sure that they could adhere to the current environmental regulations imposed on them by the United States of America and the Canadian governments. This saved them over $100 million over a five-year span. He then moved several factories close to one another and purchased a fleet of trucks so they could be used internally to move goods. This move saved them around $95 million every three years.
Louis Chenevert also began to grow the stock price by acquiring many companies. He acquired Pratt & Whitney, Otis, and Goodrich. These acquisitions gave them stable military and corporate contracts which allowed them to pay off the deficit and keep the company stable until a recession was over.
These wise business practices led Goldman Sachs to offer Louis Chenevert a role in their company. While we do not know his compensation package, we know that Louis Chenevert works as a consultant in the prestigious executive banking division of the company. He takes a salary from them will work on his own time.