Chênevert helped guide UTC through the troubled times of the the subprime recession. UTC, a $63 billion conglomerate, would face challenges such as an indifferent culture, heavy regulation and fierce international competition on top of the economic troubles of the period. Despite it all, Chênevert keep them on top. During his tenure, the company succeeded while staying in it’s birthplace, providing fair wages and obeying all regulations. UTC assembled both military and commercial jet engines and manufactured helicopters, escalators and elevators.
Chênevert’s time with UTC was a major success, and coincides with the rebirth in performance of Pratt & Whitney. He was largely responsible for a rise in share-price from $37 to $117 and was able to regularly mete out dividends. Additionally, he not only refused to outsource, but he returned hundreds of engineering jobs to Connecticut, the company’s home state. This brought people with the skills needed to fill both commercial and military contracts on board and gave UTC the ability to the avoid layoffs prominent in other industry leaders at the time.
Louis Chênevert is a master of global business and nuance and complexity that come with it. Leveraging strengths and resources in multiple markets, financing and retaining core functionality, he has guided UTC to a diverse and balanced portfolio able to withstand pressure and return on investment. His guidance and thinking helped UTC weather global financial woes and come out stronger than before.