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United Technologies Corp. replaces Louis Chenevert

Nov. 25, 2014, Hartford, Conn. - United Technologies Corp.has named Gregory Hayes president and chief executive officer, succeeding Louis Chenevert, who is retiring immediately in a surprise move.


November 25, 2014
By The Financial Post

“This has come out of the blue, and as far as we know was not planned,” Robert Stallard, an analyst with RBC Capital Markets, wrote in a note to investors Monday.

The announcement comes after the company’s Pratt & Whitney unit suffered some high-profile setbacks earlier this year involving its geared turbofan engine. Fires broke out in the powerplants of a Bombardier Inc. CSeries test plane and Lockheed Martin Corp.’s F-35 Joint Strike Fighter, grounding the planes.

“We were aware of Mr. Chenevert’s retirement, we congratulate him on this next step and of course we look forward to working with Mr. Hayes as his replacement,” Bombardier spokeswoman Marianella Delabarrera said in an interview.

“It has absolutely no impact on us. It’s business as usual for the CSeries aircraft program and we don’t see any impact to our relationship with Pratt or UTC.”

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