United Technologies is all about researching, developing, and utilizing cutting edge technology. Recently, their CEO Gregory Hayes had some interesting comments regarding leaving a legacy and the stewardship of a company. He considers his job as CEO to be a stewardship entrusted to him. He strives to fulfill that to the best of his abilities and hopes to leave the company in a better condition than when he started. With that in mind, he’s committed to making serious investments in innovation and the company’s employees.
An excellent example of this kind of thought process is the Pratt & Whitney Geared Turbofan engine. The investment in time and money was very substantial, but it has been a success for the company and has advanced the abilities of aircraft engines. Encompassing a timeline of 20 years and $10 billion invested, this engine has proven itself extraordinary. It has achieved a significant reduction in fuel burn, emissions, and has reduced noise levels by a wide margin. 14 different airlines now use the engine.
Former CEO Louis Chenevert had a distinguished tenure at United Technologies and pursued the same vision. Arriving in 1993 after a stint with GM, he engineered a remarkable turnaround with his work in the Pratt & Whitney division. This led to a considerable rise in the shares of the company and provided investors with a solid return. He was appointed CEO in the midst of the Great Financial Crisis and has brought the same success to the whole company.
Chenevert and United Technologies have realized their success and growth without offshoring and while maintaining substantial investments in technology and their workforce. During a time when many companies were laying off personnel, United Technologies maintained their staffing levels and allowed their employees to grow and develop.
There has been a strong focus on their two core businesses under the leadership of Chenevert. Their Building Technologies and Aerospace endeavors are always seeking synergies in their activities to enhance their efforts rather than a disparate collection of unrelated businesses.