Louis Chenevert, a businessman in Canada, has impacted so many organizations he has worked in. Before retiring in the aerospace industry, he was transforming how organizations dealt with production.
After graduating from HEC Montreal with a production management degree, Chenevert began work at General Motors. Owed to his productivity, he was promoted and occupied the position of production manager and later, general manager, overseeing production on a broader scale.
While at GM, an opportunity came up to move to another field. An aerospace firm, Pratt & Whitney needed a change in its leadership. Louis began working for Pratt & Whitney in Canada. The economy of the company was terrible when Louis joined, but due to his insights and hard work, he improved the firm’s processes. Within six years, Chenevert was elected president of the firm for increasing its market share.
Pratt and Whitney was a subsidiary firm of United Technologies Corporation (UTC), a multinational firm working with military and civilian economies, in producing items like aircraft engines, security systems, elevators, and HVACs. Because of making Pratt and Whitney efficient and productive, Chenevert was elected chairman of UTC in 2006 and later became the CEO. Because of the recession, the market economy had been hit severely and Louis made several improvements to the corporation to guard it against losing its profits.
One primary strategy undertaken by Chenevert was disregarding the conventional outsourcing technique. Rather than reducing costs by outsourcing employees and shifting production to states willing to work for fewer costs, Louis opted to move production to the US. He reasoned that cheap labor would lead to cheap products, so he moved workers and engineers to a central location. He put together all great workers and minds in a centralized area to focus on solving issues together. This proved very efficient compared to having several divisions all over the country. Thanks to Louis Chenevert, UTC was capable of staying afloat of the tough economic times during the Great Recession and even increased the stock value up to 117 dollars per share.
Interesting development in the aerospace sector: https://t.co/9xzKKNQ3sH
— Louis Chenevert (@louis_chenevert) February 20, 2018