Louis R. Chênevert is the former CEO and chairman of United Technologies Corporation (UTC). Chênevert got his B.S. from an affiliate of the Business School of the University of Montréal in production management as well as an honorary doctorate in May 2011. In 2011, due to his significant contributions to the aviation industry, Louis Chênevert was named Person of the year by the U.S. aviation magazine, Aviation Week & Space Technology.
Chênevert was able to bring together the interests of the stakeholders, shareholders, and customers of UTC during the economic recession, allowing the company to succeed during that time and remain a leader in the aerospace industry. This was done without cutting wages to unfair rates and without ignoring public concerns such as environmental compliance. Unlike other companies at the time, Chênevert kept the jobs local and avoided outsourcing the jobs to places like China or India. An example of the steps he took was his decision to relocate hundreds of aerospace engineers to Connecticut so they would be closer to the main headquarters of the company along with its main manufacturing centers.
Chênevert’s success was seen through the almost tripling of the company share price. When Chênevert took over the helm as Chairman and CEO of UTC, the price per share was a meager $37. Through his critical and well-timed decisions in the company, Chênevert was able to increase the share-price to $117, greatly increasing shareholder value as well as providing consistent dividends, all during a horrible economic depression.
Louis R. Chênevert is current Goldman Sachs Merchant Banking Division Exclusive Advisor where he seeks out opportunities in the aerospace while offering business advice.