When we think of business legends, we often think of people such as Bill Gates or Steve Jobs and maybe even Warren Buffet. Not many people think of the name Louis Chenevert, but in reality, when we talk of business legends, his name should be toward the top of the list. Louis Chenevert was the chief executive officer serving at the United Technologies Corporation during the global recession of 2004 to 2008. During a time when countries around the globe were closing at an alarming rate, he was able to raise his company’s stock price by $90 over a span of four years. This alone would make him an expert in his field.
Louis Chenevert recently retired from the position of chief executive officer. The executive team thought it would be nice to hold a celebration in their CEOs honor.
During the celebration, the executive team had several people come forward and speak about the wonderful things that Louis Chenevert had done during his time as CEO. One person spoke on how he had the uncanny ability to prepare a large Corporation for cultural shifts. He told the story of how Louis Chenevert moved to make the company more friendly toward the environment. He recalled how the United States of America and Canada were preparing to slap the industry with the strictest environmental regulations it had ever seen. Louis Chenevert knew this was going to happen years in advance and made sure that UTC would not be harmed in this process. While other companies in the industry were shutting down or trying to catch up, United Technologies Corporation was grabbing all the additional contracts it could.
This memory led to another executive sharing his fond memory of Louis Chenevert. He recalled that the United Technologies Corporation was hit extremely hard due to the fact that it was producing airline products during a time when the global economy could not afford to subsidize the air industry. However, Louis Chenevert was able to acquire military contracts and infrastructure contracts that provided them with a large and stable income to offset deficits.