Louis R. Chenevert is stepping down as the chief executive officer of United Technologies. He will be replaced by the company’s chief financial officer, Gregory J. Hays, according to an announcement by the company on Monday.
The chance will be effective immediately.
United Technologies, a holding company of Hamilton Sundstrand Corporation, did not cite any specific reasons for replacing Chenevert, who has served as the company’s CEO since April 9, 2008. Prior to this he was the President of Pratt & Whitney Company, a subsidiary of United Technologies Corp., from April 1999 to March 8, 2006.
Hayes, 54, has worked at United Technologies for 25 years. He’s been at the forefront of directing communications between investors and the company’s board of directors. He is a Certified Public Accountant and earned a Bachelor’s Degree in Economics from Purdue University in 1982.
Hayes will be the company’s new CEO effective immediately.
In addition, United Technologies said that Edward A. Kangas, the lead independent director, was elected non-executive Chairman.
“The appointment of Greg Hayes to succeed Louis Chenevert continues the excellent leadership UTC has enjoyed for the past half century. The Board thanks Mr. Chenevert for his 22 years of service to UTC, his leadership over the last six years and for his many contributions and important transformational initiatives during his tenure,” Mr. Kangas said. “Greg is highly regarded by the Board and by UTC employees, customers and shareowners. We are confident Greg will lead UTC to increasing profitability and shareowner returns.”
“I am honored by the Board’s selection and I am excited to be leading this terrific company,” Mr. Hayes said. “Our focus will remain on creating innovative products and solutions for our global customers and delivering best-in-class returns for our shareowners, all supported by our highly skilled and talented workforce.”
United Technologies is a US multinational conglomerate, based in Hartford, Connecticut. The company researches, develops, and manufactures high-technology products in numerous fields.
