How Louis Chenevert Shaped UTC into an Innovator in the Aerospace Industry

Louis Chenevert, the former CEO of United Technologies Corporation (UTC), is known for shaping the firm into an innovator in the aerospace industry. He believes that betting on the latest technology would give any company a competitive edge and asks various companies to focus on investing in future technologies. Chenevert also stated that when a company offers leadership post to someone, the role demands a kind of stewardship that position demands. He says that the stewardship in UTC has only one meaning, and that is investing in innovation and people. Chenevert wanted his works in the company showing some significant improvements and placing the company in a much better position than the situation when he was assuming the role.

The ideology of Chenevert helped the firm to significantly achieve in the market by investing in lifelong learning of the employees. The Employee Scholar Program framed by UTC pays the expenses associated with the additional education each employee proceeds. It should be noted that more than 39,000 graduations have been registered under the program since 1996 with spending over $1 billion. Chenevert remembers that the GTF engine of the UTC’s subsidiary, Pratt & Whitney, needed an investment of $10 billion and at least 20 years of the business unit when it started in 1993. But, it became a crucial investment for the firm in the later years. According to Forbes, Chenevert joined the company when it was facing sub-prime recession but helped the firm to grow significantly during the period. During his period, UTC assembled some of the most advanced jet engines in the world.

Louis Chenevert currently serves as an Exclusive Advisor to Goldman Sachs in its Merchant Banking Division. He joined UTC in the year 1993 and became the President of the firm in 2006. Before joining UTC, Chenevert worked with General Motors for 14 years.

Chenevert completed his graduation from the Université de Montréal in Production Management. He was inducted into the American Institute of Aeronautics and Astronautics as a fellow in the year 2005. Chenevert also serves as the Chairman of Advisory Board of HEC Montreal. In the year 2011, he was named as the Person of the Year by Aviation Week & Space Technology, a leading aviation trade magazine. He has had a long, varied, and successful career.