'Report: Louis R. Chênevert, United Technologies Corporation Essay\r'

'Louis R. Chên ever sot was born in 1958 in the Quebec province of Canada. Raised on the outskirts of Montreal, Chênevert spent his puerility and adolescent years close to his community. With close ties to the area, he att terminateed the University of Montreal. In 1979, he graduated with a bachelor of commerce in product management. Upon graduating, Chênevert was engage by the General Motors Corporation in St. Therese, a suburb of Montreal. From 1980 to 1994, Chênevert spent the duration of his primary travel at General Motors. During his employment, he continu tout ensembley pursue challenging seats. Before resigning in 1994, he achieved the repose of Production General Manager; he was promoted to this strength when he was totally 33 years old. His spare-time activity of attaining challenging finality inducer director management positions did not end there; it was only when the beginning. After resigning from General Motors, Chênevert certain the positi on as Vice President of trading operations at Pratt & group Aere; Whitney Canada, a subsidiary of the joined Technologies Corporation, coordinated universal time.\r\nWhile in Canada from 1994 to 1997, Chênevert instituted what is called lean manufacturing principles; these principles immensely raise the plant’s efficiency. In turn, these principles stream run along operations and make the Canadian sister companion of Pratt and Whitney a profitable telephone circuit. In 1995, he was recognise by Quebec with the Nouveaux Performant award for â€Å"outstanding young attractors.” (Bloomberg/Businessweek) As Vice President of the Canadian operation of Pratt &type A; Whitney, Chênevert gained the respect of his fellow peers, and gained recognition by the administrator management team of coordinated universal time. From 1997 done 2006, Chênevert signifi fecal mattertly ascended the corporate ladder. In 1997, he was appointed as the executive vice president of operations and aftermarket services for Pratt & Whitney’s Connecticut operations. This appointment laid the grunge work in obtaining a thorough spirit of the core subsidiary business organization of UTC. In 1998, he was promoted to President of Pratt & Whitney’s Connecticut operations.\r\nAnd in 2006, Chênevert continued his upward ascent in executive management as he became old-timer work out Officer of UTC. After becoming Chief operate Officer, Chênevert was groomed to be the successor of the then legitimate CEO and Chairman, George David. David took Chênevert as his apprentice to prove to environ highroad and investors that Chênevert had what it took to run a successful operation. (Wall avenue Journal, On-Line) After two years of grooming, George David stepped down and pass the reins of the technology conglomerate to Chênevert. The successful mentorship by George David, and agile study by Chênevert, provided a smooth modula tion from one CEO to an another(prenominal). On April 9, 2008, Louis R. Chênevert was appointed Chief Executive Officer and Chairman of UTC. Since his inception, UTC has change their portfolio with technology related mergers to further allow them to position themselves globally as a leader in the technology field. This diversification of UTC’s portfolio has allowed UTC to weather the up-to-the-minute frugal downturn wear than m all other corporations.\r\nHis current yearly salary of $1,435,000 is not merely as much as his bonus of $1,700,000. He was rewarded with $6,217,560. in restricted s panache awards, and $11,149,152 in other compensation. His total compensation for 2009 class-conscious him 41st in CEO payout. (Forbes.com, CEO Compensation) What I move up most striking about Louis R. Chênevert’s role as a leader is his business leader to leverage his attend from the prehistoric speckle comprehend attentively to his peers to make solid decisive b usiness ends. This approach allows him to make informed decisions when uncertainty is looming. He presents himself as an authority, yet conveys this authority politically correct. His professional business etiquette portrays him as a man of distinction. anyways having these strong leadership traits, his in-depth involvement as a philanthropist goes beyond giving exuberant donations. Chênevert be get downs deep involved in monitoring how his donations are used.\r\nHis work-social animation balance projects an admirable image beyond that of a typical CEO. Outwardly, he conveys a confident lordly image with an old world style mannerism. He is a CEO for our quantify. He combines the distinctive traits of listening, decisiveness, and liberality to leverage his authority in conducting sound decisions temporary hookup keeping a positive outlook. He is a combination of many traits, but remains materialistic in his approach to work. In such fickle economic times that we face t oday, Chênevert has the leadership skills inevitable to successfully run this corporation while pursue meaningful philanthropic obligations outside of the norm. Chênevert’s mogul to leverage his do it comes from a thorough apprehensiveness of the business because he started at the bottom and worked his way up. This experience has allowed him to turn companies around during economic downturns while maintaining a positive attitude and workforce. This magnate to date stamp positive in unlikely situations has always form favor with fellow workers and takeholders.\r\nBloomberg News novelly interviewed Chênevert who made the remark that â€Å"Bombardier has a ‘full pipeline’ of authorisation C-Series customers and expects order announcements by year-end.” (Bloomberg 09-01-10) Pratt and Whitney has been on the losing end of its share of commercial customers, but this news brings enthusiasm to their workers for growing the engines which give keep Pratt and Whitney in the commercial green engine business. Not only has this re-invigorated the workforce in these unprecedented economic times, but it has kept UTC’s stock price in healthy standing when other companies are struggling. Chênevert seems to always find a way with words so far when face with downsizing to lie competitive. In a recent obligate in â€Å"Aviation Week”, Chênevert exclaimed â€Å"our results and modify portfolio show Pratt is come up positioned to withstand the knobbed times we have in front of us in the next few months. It’s a genuine position to be in.” (Aviation Week, Morris)\r\nHowever, Chênevert’s restructuring efforts for increased favorableness has not always been favorable with fellow workers or topical anesthetic politicians. In order for UTC to stay within operating budgets, he was tasked with slashing thousands of jobs in Connecticut. While facing uncertainty in the current economic rec ession, the decision to downsize further was a decision he had to make immediatelyâ€and he did. This decision did not sit well with the Connecticut legislature either, but as Chênevert explained, difficult times meant make difficult decisions to keep the corporation profitable. His experience from the past has led Pratt back to profitability while keeping the workforce and shareholders thinking positively. Chênevert has always been known to kick downstairs direction resolutely in times of uncertainty.\r\nHis ability to make hard decisions has proven his leadership ability. In difficult economic times, Chênevert was able to make the ruffian decisions immediately to keep UTC in a positive profit margin. Tough choices need to be made and Chênevert is no stranger to that. From his beginnings with UTC, Chênevert has had to make tough choices regarding employee restructuring. When he became Vice President of operations in 1993 at Pratt and Whitney Canada, he faced p oor financial performance with low employee morale. His decision to restructure with changes in key management positions allowed Pratt Canada to rebound from a negatively performing business unit with low employee morale. This restructuring showcase led to positive financial results with higher than pass judgment employee morale. Pratt and Whitney Canada is now considered one of the best Pratt facilities to work at.\r\n also restructuring at Pratt and Whitney Canada, Chênevert’s role with investing in new technologies in Connecticut and driving the chase of quality excellence with UTC’s bingle, (Achieving Competitive Excellence) operating constitution has allowed Pratt and Whitney to exceed their financial and quality goals over the past couple of years. His digest on continued implementation and promotion of this system at a time of turmoil whitethorn have seemed to be risky, however, the results of doing so have been rewarding. Chênevert understands e ngagement cannot be achieved without taking risks, and he understands inaction only leads to poor performance. From an online April 2008 Wall Street journal article titled, UTC, Textron profits get a mulct from aerospace, Chênevert boasts â€Å"this eviscerate’s results are further evidence that our business model, with its focus on global growth through market-leading franchises and cost reduction through the implementation of the ACE operating system, can deliver solid results even in a softening economic environment.”\r\nChênevert’s persistence in promoting continuous improvement is a leave alone to his ability to make difficult decisions in times of uncertainty. This approach to making informed decisions decisively shows his focus towards success. Further more than, Chênevert’s dedication to society through his commitment to charitable organizations, and investment in local and national interests goes beyond a good will gesture. He is reco gnized as a leader in all aspects of society. Chênevert is an advisory member to some(prenominal) other boards within the local community and abroad. He is an avid advocate of cancer look for and is hard involved with getting funding to the appropriate investigate programs and projects. In a Yale Medical Publication, Chênevert is recognized as not only a contributor, but a man who asks probing questions to further cancer investigate and give the patient the best care possible. Dr Richard L. Edelson says, â€Å"He understands the importance of having all the services for cancer patients in the same place, rather than dispersed throughout the medical checkup center.” (Medicine @ Yale) Chênevert gets involved.\r\nHe listens, and gets results. His ability to put himself in other people’s places allows him to make great decisions regarding any endeavor he gets involved with. His dedication to the well being of local organizations is yet another testament to h is leadership ability. There are skilled CEOs with colossal experience, and there are also skilled CEOs with negligible experience. Very few have the varied traits and experience to perform at exceptional directs. Chênevert has both these traits positive(p) a new world ideology that allows him to operate in the toughest of economic times. I consider Chênevert more than a business leader; he is multi faceted dynamic entrepreneur.\r\nThroughout Chênevert’s career, he has been called upon to make change with every organization he has ever been affiliated with. Whether business or civic, his positive can do attitude has been a guiding inflame for his corporation and others to follow. He will lead UTC, and all organizations he is involved with to a new level of prosperity and good will. His ambition towards getting things pay off is no less than remarkable. Although new to the CEO position, Chênevert will be recognized for his persistence of pursuing to understan d, and execution of instrument decisively for results. In these unprecedented economic times, Chênevert has the experience a corporation needs to not only withstand the current economic downturn, but to come out of it stronger than when it began. His ethical and moral values as a business leader and philanthropist should be a model other CEOs should follow for our estate to once again lead in economic prosperity.\r\nWorks Cited\r\nCEO Compensation. â€Å"#41 Louis R. Chênevert”. 04-28-10. 6:00 pm edt. Forbes.com. http://www.forbes.com/lists/2010/12/boss-10_Louis-R-Chenevert_FTA5.html\r\nHinton, Christopher. â€Å"UTC, Textron profits get a lift from aerospace.” Market Watch. http://www.marketwatch.com/story/united-technologies-textron-profits-gets-lift-from-aeropace.html. April 17, 2008.\r\nLayne, Richard. â€Å"Bombardier Posts Quarterly Earnings of 8 Cents a Share,\r\nMatching Estimates.” http://www.bloomberg.com/news/2010-09-01/bombardier-net-drops-27 -percent-as-jet-deliveries-decline.html. Sept 1, 2010.\r\nLunsford, Lynn. â€Å"Prepping a Successor to UTC’s David.” Wall Street Journal Online. http://online.wsj.com/article/SB120768855981199187.html. April 9, 2008.\r\nMorris, John. â€Å"Louis Chenevert, President & CEO, Pratt & Whitney.” Aviation Week. http://www.aviationweek.com/shownews/02asial/newsmk10.htm.\r\nMedicine @ Yale. â€Å"Quick Study, bighearted contributor.” Vol 4. reduce 4. Sept/Oct 2008. http://www.medicineatyale.org/v4i4_sept_oct_2008/sept_oct_08.pdf.\r\nUnited Technologies Corp. UTX:New York. Bloomberg Business Week. http://investing.businessweek.com/research/stocks/people/person.asp?personId=191172&ticker=UTX:US.\r\n'