UTC names new president, CEO
United Technologies Corporation has announced that Louis R. Chenevert has informed the Board of Directors of his retirement as Chairman and Chief Executive Officer, effective immediately. Gregory J. Hayes, UTC Senior Vice President and Chief Financial Officer, has been elected President, Chief Executive Officer and a director. Edward A. Kangas, lead independent director, has been elected non-executive Chairman of the board.
Hayes, 54, is a 25-year veteran of UTC who has served for the last six years as the company’s Senior Vice President and Chief Financial Officer. In addition to his other responsibilities as Chief Financial Officer, Hayes has directed communications and interactions between UTC’s Board of Directors and the investor community.
“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,” 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,” 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.”
Kangas is the former Chairman and Chief Executive Officer of Deloitte, Touche, Tohmatsu. He has been a member of the UTC Board since 2008 and has served as Chairman of the Audit Committee and as lead director.
UTC today also reaffirmed its expectations of 2014 earnings per share of $6.75 to $6.85 and sales of about $65 billion.