When you think of business legends, what names come to your mind? Certainly, you think of the Microsoft founder Bill Gates or perhaps the man who brought Apple to its place of prominence today, Steve Jobs. However, I would excuse you if you could not think of the name Louis Chenevert. The truth is, however, among the business juggernauts Louis Chenevert is one of the most elite.
Louis Chenevert receives such respect because of how he handled the United Technologies Corporation during the global recession. He was UTC’s chief executive officer during this time. While other companies were closing their doors around the globe, he succeeded in raising his stock price from $37.00 to $117 a share. This not only made several people billionaires, it stabilized the United Technologies Corporation so that they could continue competing in the new millennium.
Louis Chenevert recently gave up the role of CEO to allow a new person to take over. At his departure, the executive team hosted a celebration to honor the wonderful work this chief executive officer had done.
As is common in celebrations like this, many people came forth and spoke of the wonderful things that Louis Chenevert had accomplished.
One executive was astounded at just how easily Louis Chenevert was able to make UTC more environmentally friendly. During the time when the Canadian government was looking to pass stricter regulations on the airline industry, their CEO was able to lower water consumption by 53%. In addition to this, he was able to ensure that his airline parts produce 26% fewer emissions. This meant that not only could UTC compete in this new green economy where others could not, they were the only company that could sell parts that made airplanes function underneath these new laws. This, of course, translated into amazing sky-high profits.
Another executive shared at how astonished he was when Louis Chenevert was able to acquire several companies with UTC’s limited funds in order to not only offset the deficit but to create an escalating form of profit. He will be missed by all.