On January, 1, 2010 Louis Chênevert succeeded George David as the eighth Chairman of United Technologies. George David, 67, retired after 34 years of service with UTC, including 14 years as Chief Executive Officer. David will remain a consultant and adviser to the Corporation for 2010.
“I am deeply honored by this appointment and privileged to serve as Chairman. I look forward to building upon the tremendous success UTC enjoyed under George,” Chênevert said. “UTC revenues have nearly tripled during his tenure as President and CEO, and total shareholder return has greatly outpaced peers and market indices. The corporation today is dramatically different than the one he joined in 1975,” Chênevert added. “The most notable changes are UTC’s global expansion, with international revenues growing from 25 percent to more than 60 percent today, and its focus on process and research disciplines.”
“Today, UTC is a high-performance organization and I am excited to have the opportunity to lead it into the future. I’m confident in UTC’s future because of our market leading businesses, unmatched portfolio of products, and strong leadership team,” said Chênevert.
Chênevert joined UTC’s Pratt & Whitney division in 1993, and served as President Pratt & Whitney from April 1999 through March 2006. He held the position of President and Chief Operating Officer, and served as a Director of United Technologies since March 2006. He was elected President and Chief Executive Officer in April 2008, and Chairman in January 2010.