The one thing that every new investor wants to know is how to be successful in their business. Many people set up businesses but with time, the hopes that they had fade away. This is because although it is not impossible; it is not easy. It takes courage, and the willingness to learn to make it. You also need passion to help you stick around when things get tough.
Louis Chenevert has been able to attain these standards to become one of the most discussed CEO of UTC. The current CEO of UTC uses some of the mechanisms that were used by Louis Chenevert to help maintain the class that he set for the company.
In the works for a while – interesting read: https://t.co/ZIU8n9b9Qa
— Louis Chenevert (@louis_chenevert) June 11, 2018
Louis Chenevert helped the firm gain leverage of the company in the industry through his great acquisitions. The Goodrich acquisition that Louis Chenevert made took him a very long time. Louis Chenevert had a lot of meetings and negotiations, but in the long-run, he was able to acquire the firm at $18.2 billion. This was the most expensive aerospace deal that had ever made in the USA.
The other acquisition that Louis Chenevert made was that of Pratt & Whitney. To understand how Louis Chenevert decided to buy the GTF engine, we would have to go back to what he used to do before he joined UTC.
Louis Chenevert began working at General Motors immediately after school. Here, he had multiple promotions. He was serving as the Production General Manager before leaving the company for Pratt & Whitney in 1993. Pratt & Whitney deals with engine manufacturing. Chenevert realized that the GTF engine had a lot of power and potential to become something great.
In Pratt & Whitney, Chenevert earned himself the President position within six years. The firm was a branch of the United Technologies Corporation (UTC). It was during his position at Pratt & Whitney that the board of directors of UTC nominated him as their CEO. Immediately he assumed the seat; he led UTC to buy the GTF engine. It took UTC two decades to design and $10 billion to purchase the engine, but it led to UTC being named as the most profitable company in the United States.