United Technologies Corporation (UTC) is a multinational corporation known for its building and aerospace businesses. It had net sales of US$57.2 million in 2016. The company employs more than 200,000 people. Gregory Hayes is Chairman and Chief Executive Officer of the company.
In a July 2017 LinkedIn posting, Hayes explained the importance of two kinds of UTC investments. These investments are critical for the company and its wider environment.
As a company where technology is key to its triumph, one important investment for UTC is in innovation. Hayes mentioned the successful Pratt & Whitney Geared Turbofan engine as an example. Developing the engine cost over $10 billion and took more than 20 years. With the engine’s factories and suppliers across the United States, investing in the engine’s technology benefited locations and the economy around the country.
According to Hayes, another kind of investment is critical to continued innovation. Investing in the people who innovate is another UTC hallmark. Hayes noted proudly that UTC employees have earned 39,000 degrees through UTC’s Employee Scholar program. This program enables employees to pursue degrees in any field, and the company pays for that education. As with innovation investments, these investments in employee education echo across the company’s many US locations.
Hayes was preceded in office by Louis Chenêvert. Born in Quebec, Chenêvert worked at General Motors for 14 years before being hired by Pratt & Whitney in 1993. From April 1999 through March 2006, he was president of Pratt & Whitney. At UTC, Chenêvert was a Director, President & Chief Operating Officer, and was President & Chief Executive Officer till the end of 2014.
During Chenêvert’s tenure, UTC successfully balanced its business interests, profitability, employee satisfaction, and environmental sustainability. Indeed, the National Building Museum honored UTC and Chenêvert as one of its 2009 Visionaries in Sustainability.
Chenêvert, who is currently an Exclusive Advisor at Goldman Sachs, has also received other honors. These include an honorary doctorate from his alma mater, HEC Montreal, and being named Person of the Year by Aviation Week & Space Technology. He has served on several boards in the corporate and non-profit sectors.