“I can go into a factory and in 15 minutes tell you whether things are working right. It takes Louis 15 seconds.” This is a remark made by George David about his successor at UTC, Louis Chenevert.
Louis Chenevert’s success came about by knowing what he ultimately wanted and working hard to get himself there.
He was born in Montreal, Quebec in 1958, and enjoyed a normal childhood. Louis gradually gained interest in business entrepreneurship from a relatively young age. He did not doubt that success would come with hard work.
Chenevert attended the HEC Montreal Business School, at the University of Montreal, Majoring in Production Management. When working in the Production Management, one ensures produced goods are of good quality at the correct quantity, and are produced at optimal speeds maintaining minimal cost to maximize profits.
After Montreal Business School, Louis landed his first role with General Motors in Quebec, where he would be for the next 14 years, before transitioning into the aerospace industry. The company he joined, Pratt and Whitney Canada (PWC), a division under Pratt and Whitney (P&W) which is incorporated under the United Technologies Corporation (UTC) umbrella based in the United States. In 1996, Louis Chenevert moved to P&W and became president in 1999, just three years after joining the firm.
While the market at the time was on a downturn, Chenevert through his efficiency, aggressive adaption of technology and leadership, made a series of improvements to insulate the firm from the loses most firms were getting at the time.
P&W aircraft engines are used both in military and civilian aviation. The company that designs, manufactures and services aircraft is among the market leaders raking in over a billion dollars in profits every year.
Currently, P&W has over 33,000 employees. This, in addition to the profits P&W, brings in, is quite an accomplishment, even for this high achiever. Fast forward to April 2008, and Louis Chenevert again found himself at the helm of UTC, succeeding George David as CEO and President. In 2014 when he retired, the stock stood at an impressive $117 a share, up from $37 a share!