Investing in Innovation and People Are Louis R. Chênevert’s Priorities

Louis R. Chênevert is a Canadian businessman, as well as former Chairman and CEO of UTC (United Technologies Corporation). He was fueled early on when he pursued his education at HEC Motréal, where he earned his bachelor of commerce degree in production management. He later went on to receive his doctorate honoris causa from that same school in 2011.

Chênevert has had a few marvelous careers between his graduation and his most recent advancement in his career when he became the Exclusive Advisor in the Merchant Banks in September of 2015. He was also employed with several other reputable and profitable companies such as Pratt & Whitney (6 years), General Motors (14 Years) and, of course, as the CEO of UTC Corp.

In his career, he was the recipient of the Honor Award that was awarded to him from the National Building Museum back in 2009. During his time at United Technologies Corporation, he earned a total compensation of over $22 million dollars, which was a combined total of his base salary, bonuses, stocks, grant options and misc. compensations.

Before departing UTC, Chênevert was approached by one of his employees and asked him what he would be his legacy there. Chênevert admitted that was a very difficult question, as he always strived to leave the companies he worked with better off when he left than when he had started there. After boiling the thought a bit he finally came to the self-conclusion that it would be that people are the key ingredient to success. People and innovation are what has made UTC thrive as a company. This is what has allowed Chênevert’s success with UTC. Several companies became casualties but UTC managed to not only survive but thrive as a company.

The best example that Chênevert came up with to demonstrate his point was to mention the Pratt & Whitney Geared Turbofan engine which was on demonstration at Capital Hill last week. The GTF engine was a $10 billion design that struggled through 20 years to create the technology that would help the jet engine industry. The new design reduced fuel consumption by 16%, emissions fell by 50%, and the noise level was dramatically decreased by 75%. Today it is used by several different airlines on their own line of aircraft.

UTC is no different. This has helped fuel the demand for new talent. UTC plans on hiring 25,000 people in the U.S. Innovation not only helps your own business, as the example in the GTC demonstrated it helps grow to various industries as well. Investments are important, but they can only take you a certain distance. Innovation makes up for the rest. UTC plans on continuing it strong and competitive values to help guarantee a growth and help to create a great economy in this competitive world.

Watch Chênevert speak here: