Louis Chenevert Announces Retirement From UTC

Canadian businessman Louis Chenevert is an executive and businessman who has spent most of his professional life in the aeronautics and production management. Born in Quebec, Chenevert know from a very young age that he had a mind for business. His passion helped him become one of the most prominent businessmen in North America.

After graduating from HEC Montreal, he began working for General Motors in Quebec. He worked there for 14 years and learned everything he needed about large-scale production. In 1993, he switched from the auto industry to the aerospace. Manufacturer Pratt & Whitney were in dire need of a change in leadership. He made the move to the company’s Canadian branch.

Chenevert made a huge statement with his work at Pratt & Whitney. Even though the economy was not in the best condition, Chenevert made a number of improvements that shielded the company from hemorrhaging profits. While many other companies opted to outsource work, Chenevert moved production to the United States. Employees worked from a centralized location, which made Pratt & Whitney’s operations far more efficient.

His greatest achievement was the acquisition of the Goodyear Corporation. Goodyear, which previously made one of the largest tire manufacturers in the world, was now in the aerospace business. In 2011, Goodyear, and all of its stock, was purchased by UTC at a price of $18 billion. Once Goodyear was absorbed into the company, the would become UTC Aerospace Systems.

In 2014, Chenevert announced his retirement as CEO from UTC. A number of people questioned the decision, especially after all the good works Chenevert had accomplished. Chenevert said he simply preferred living his life in semi-retirement. He did join Goldman Sachs as a financial adviser.

In 2011, Chenevert received the doctorate honors from HEC Montreal. He also received the Honor Award from the National Building Museum.

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