Chief executive officers are responsible for managing profits and growth of the organization they are in charge. However, many don’t have a clue on what legacy to leave behind. According to United Technologies Corporation (UTC) CEO Gregory Hayes, being stewards and leaving the firms better than they found them should be the most paramount assignment of a CEO. Although performing in the short term is essential for all CEOs, investing in the future should begin now. UTC is a unique example of a company that invests in technology and people with the aim of bettering their future.
Pratt and Whitney Geared Turbofan (GTF) engine presents the best example of investing in the future. This GTF technology is estimated to have a $10 billion value and took 20 years to develop. After its launch, the jet engine is revolutionizing the industry reducing fuel consumption by 16 percent, noise footprint by 75 percent and emissions by 50 percent. The product entered the industry in 2016, and it is currently used in 72 aircrafts owned by 14 airlines.
UTC Investing In The Future
UTC plans to hire over 25,000 people in the next three years to meet the increasing demand. Of this, 5,000 will hold new positions in innovation departments. Innovation is the only proven method of investing in the future.
About Louis Chenevert
Louis Chenevert is a distinguished Canadian businessman who served as the chairman and chief executive officer of United Technologies Corporation. Louis holds a bachelor’s degree in production management from HEC Montreal; a University of Montreal affiliated Business School.
Mr. Chenevert joined UTC in 2006 where he served as the director. He was later elevated to serve as the chief operating officer and president of the firm. In 2008, he was elected the president and CEO before being elected as the chairman in 2010. Before joining UTC, Chenevert had served as the president of Pratt & Whitney. He joined Pratt & Whitney in 1993 after serving 14 years at General Motors as production manager.
Over time in his career, Louis has been honored by various institutions for his unique leadership skills. In 2009 Louis was honored by the National Building Museum. In 2012, HEC Montreal honored him with a doctorate. The United State’s Aviation Week and Space Technology magazine honored Louis Chenevert as the personality of the year in 2011.