Louis R Chênevert Biography

CEO Report (b graded)
Louis R. Chênevert, United Technologies Corporation

Louis R. Chênevert was born in 1958 in the Quebec province of Canada. Raised on the outskirts of Montreal, Chênevert spent his childhood and adolescent years close to his community. With close ties to the area, he attended the University of Montreal. In 1979, he graduated with a bachelor of commerce in product management. Upon graduating, Chênevert was hired by the General Motors Corporation in St. Therese, a suburb of Montreal.
From 1980 to 1994, Chênevert spent the duration of his primary career at General Motors. During his employment, he continually pursued challenging positions. Before resigning in 1994, he achieved the position of Production General Manager;
This experience has allowed him to turn companies around during economic downturns while maintaining a positive attitude and workforce. This ability to see positive in unlikely situations has always found favor with fellow workers and shareholders. Bloomberg News recently interviewed Chênevert who made the remark that “Bombardier has a ‘full pipeline’ of potential 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 developing the engines which will keep Pratt and Whitney in the commercial jet engine business. Not only has this re-invigorated the workforce in these unprecedented economic times, but it has kept UTC’s stock price in good standing when other companies are struggling. Chênevert seems to always find a way with words even when faced with downsizing to stay competitive. In a recent article in “Aviation Week”, Chênevert exclaimed “our results and diversified portfolio show Pratt is well positioned to withstand the tough times we have in front of us in the next few months. It’s a good position to be in.” (Aviation Week, Morris) However, Chênevert’s restructuring efforts for increased profitability has not always been favorable with fellow workers or local 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 recession, the decision to downsize further was a decision he had to make immediately—and he did. This decision did not sit well with the Connecticut legislature either, but as Chênevert explained, difficult times meant making difficult decisions to keep the corporation profitable. His experience from the past has