Hayes states that CEOs have short term and long term requirements related to performance. Both of these will determine the company’s level of success in the future.
Hayes explains that the Geared Turbofan engine produced by Pratt & Whitney which is taking over the jet engine market due to increased efficiency and power and lower fuel cost with a U$10 billion budget over 20 years of research and development. This engine is already been on the market for a year and is in over 70 jets in 14 different airlines. Additionally, Hayes notes that this kind of investment also fuels the USA’s economy and manufacturing jobs.
Hayes also explains that increased demand is what is also creating the need for talent in the job market. With this in mind, it is UTC’s goal to hire almost 25,000 people in the USA in supporting the company’s growth in their innovation platforms.
Innovation investments increase the business of many companies and usually that of a company’s suppliers as well. A company must invest in people and technology since people are the innovative and creative component that makes the difference. Hayes explains that for this reason, United Technologies invest in their employees’ education with their Employee Scholar Program, where the company pays for employees courses so that they can earn degrees in any field. UTC has invested in 39,000 degrees with the Employee Scholar Program which began in 1996.
Former CEO of UTC, Louis Chenevert, is originally from Quebec, and set many of these expectations. Chenevert holds a degree he earned at HEC Montreal in the study of Production Management.
Chenevert worked at General Motors, Pratt & Whitney prior to being the CEO of UTC from 2006 to 2014. Chenevert was succeeded by Edward Kangas at UTC as CEO. Chenevert is currently a Goldman Sachs Exclusive Advisor.
Chenevert received many awards and honors from HEC Montreal and the National Building Museum. Additionally, he was named Person of the Year by Aviation Week & Space Technology.