The only way to the top of the competitive economy seems to be entrepreneurship. However, many people venture into investments hoping for greater results only to end up with nothing. The current economy can be described as overpromising and under delivering. An idea that occurred to be very promising ends up crashing before it’s evaluated. The only way to outgrow these ugly happenings is by researching on what people who always seem to get it right do it.
One of the factors that have proved to make a difference in success is the leadership of the firm. It is the road that the management takes the company that determines what they achieve. The United Corporation Technologies (UTC) is an example of a firm that change of leadership made a noticeable difference.
UTC nominated Louis Chenevert as their CEO in 2006. He served as the company’s Chief Executive Officer until 2014. During this time, a lot changed in the firm; the company changed from an average firm to a premium conglomerate. UTC became the state’s most profitable company. Today, courtesy of the decisions that Louis made years ago, the firm is sowing to higher levels. The GTF engine that he led the company to purchase is used by more than 14 airlines.
Louis says that one factor that attributed to his success in UTC is keeping an open mind and being creative. He also says that he only accomplished the goals of the firm through the cooperative team of UTC. He advises employers to invest in their team for great results. By this, he means taking time to choose who to work with and training them to improve their performance.
The current CEO of the firm believes that by using some of the mechanisms that Louis used will help in maintaining the high standards of the conglomerate. For this reason, the company has maintained the culture of educating the employees. The employees are given a chance to pursue a degree of their choice for free. According to the management, the program has helped the firm become very productive.
One of the factors that influence the success of the firm is leadership and the team of employees. Every firm should ensure that they have the right individuals in the high positions and a great team.
Meet the CEO and Person of the Year Award Winner, Louis Chenevert
Louis Chenevert is an incredibly accomplished CEO having built countless businesses from the ground up. Louis has served as a high-level executive and leader in many recognized and highly reputable US firms. Louis has built quite the amazing portfolio over the years. The current CEO of United Technologies Corporation (UTC) who took over from Chenevert, described him as a consummate leader who always leaves companies better and stronger than before. Chenevert’s strategy often involves developing a waterproof investment plan that’s suited for the long haul. The award-winning CEO is a huge believer in investing in their workforce human resource department of his companies.
Awards and Accolades
Louis Chenevert is renowned for his uncanny ability to balance both short-term and long-term goals. He’s an astute leader who perfectly understands the essence of investing in tech innovations in building a successful company. In the late nineties, Louis used to head up a leading aeronautical firm called Pratt & Whitney Inc. At Pratt & Whitney, Louis was instrumental in turning this company around with the introduction of new advanced manufacturing tech. the visionary leader helped the erstwhile struggling jet engine manufacturer to up their revenues exponentially in just a couple of years. For his outstanding feats, Louis is the recipient of the prestigious Person of the Year award in the late 2000’s.
By the time Mr. Chenevert left Pratt & Whitney in 2006, he’d risen to be the engineering firm’s overall president. That fact made it remarkably easier for Chenevert to merge the two establishments together into one giant conglomerate. Over the next decade, the two firms would sink in an estimated $10 billion and effectively succeeded in transforming the aviation industry. No wonder, Pratt & Whitney have manufacturing plants in far-flung locales like Florida, Georgia, Connecticut, Maine, New York and Michigan. The ambitious manufacturer seeks to add on an estimated 25K employees to support their growing operations, nationally and globally.
The GTF Engine
Pratt & Whitney and UTC partnered up and perfected a revolutionary engine called the GTF engine. The engine is a special engine that consumes roughly 16% less fuel and it spews 50% fewer emissions. Since the GTF engine debuted, it’s received a grand welcome from the leading global airline carriers. As of 2018, the engine is now fitted into over 70 aircraft and it has performed impeccably well, according to the flight crew engineers.