Managing a large corporation through an economic recession is no easy task. Although there are many popular methods of dealing with this economic strife throughout the industry there is no obvious answer that will guide a company securely through. When budgets are in need of cuts some of the most obvious solutions may not be a shortcut to success that they are credited with. Visit Bloomberg.com to know more.
An example of a leader who took their company down an less worn path and brought them out the other side healthier than when they went is is Louis Chenevert. Louis Chenevert was brought in by the United Technologies Corporation in 2006 to act as their President, Director and Chief Financial Officer. Later in 2008 they also added Chief Operating Officer to his lengthy list of responsibilities.
When his role at UTC began Chenevert knew he would have many obstacles to work around. However, he also had a clear idea of what he would avoid while navigating the difficult terrain. At the beginning of his tenure, UTC’s stocks were valued at $37 a share the policies put in place by Chenevert would lead that value to explode with a growth rate of over 200% in the time that he was there. Ultimately when Chenevert left UTC stocks were worth $117 a share. This growth was fostered without compromising the company’s history. Louis Chenevert maintained fair wages for all his employees and resisted the quick payoff offered by relocating to cheaper markets overseas. Actually, he did the unexpected thing and even relocated a plant into a more expensive market. This move helped him maximize the usefulness of his employees. Visit utc.com to know more about Louis Chenevert.
His atypical approach has garnered lots of attention. In addition to having a sought-after opinion in the corporate world, he has also been awarded such honors as an honoris causa from HEC Montreal and Concordia University. HEC Montreal is also where Chenevert attended college. He earned a bachelor’s degree in business administration. He has also been publicly recognized by the National Building Museum with the Honor Award. Additionally U.S. aviation trade magazine Aviation Week & Space Technology name Chenevert their person of the year in 2011.