The Chief Executive of United Technologies steps down today in favor of his hand-picked successor. George David has helmed the Connecticut based conglomerate for 14 years.
Louis Chenevert became the new CEO of United Technologies at the companyâ€™s annual shareholder meeting held in Montreal. Chenevert steps up from the Chief Operating Officer position â€“ he was tapped for the top job some two years ago, while in charge of East Hartford based subsidiary Pratt & Whitney. David stays on as Chairman of the Board, and analyst Paul Nisbet of JSA Research says he may still have considerable influence.
To the extent he feels itâ€™s appropriate, I think itâ€™s part of assuring that there is indeed a smooth transition from his reign to his successor.
Davidâ€™s tenure has seen United Technologies profits increase by 600 percent, revenues up 150 percent, and its share price rise 800 percent. Nisbet says he has secured his place in the ranks of world corporate leaders.
"I think he will come out very near the top. He has done a very significant job refurbishing that company from the mess really that is was in when he came in I guess what is it 14 years ago, and has grown it tremendously."
Chenevert inherits a company thatâ€™s still in the process of growing â€“ one of Davidâ€™s last acts as CEO was to launch a hostile takeover bid for Ohio based ATM maker Diebold.