Louis Chenevert believed that the effectiveness of a CEO is to leave the company better than how they had attained it. The only way to do so is by investing in innovation as well as in people.
He stated that the requirement for results in the short term will always be there. But the CEO must always keep the long term in mind. This is the reason why United Technologies Corporation has continuously invested in technology as well as in people. He knows that the decisions being made today will determine the success being achieved in the future.
The Pratt & Whitney Geared Turbofan engine required an investment of 20 years along with $10 billion for designing and developing it. This is a jet engine that can change the entire industry. It can reduce fuel burning by 16%, and emissions by 50%. The noise footprint will be reduced by 75%. This GTF is being commercially used since last year. Now it is being flown on 72 aircraft being flown by 14 airlines.
Louis Chenevert has willingness as well as the commitment to investing in such technologies that will drive future growth. These investments will support the economy as well as manufacturing jobs in the US.
The factories manufacturing Pratt & Whitney are all across the country. These include Connecticut, Florida, besides Georgia, Maine, as well as New York along with Michigan. The supply chain is touching nearly each state in the U.S. These factories are producing parts or assembling or testing the GTF engine. The company continues investing in the technology. Besides, it is also investing $1.3 billion in the manufacturing and service centers based in the US in order to meet the needs of their current and prospective customers.
This would also mean an enhanced need for investing in the next generation. It is estimated that over the next few years, United Technologies Corporation will be hiring around 25,000 people. This would have 5,000 new positions that would support the growth of the innovation platforms.