United Technologies CEO Louis R. Chenevert retires suddenly, Gregory J. Hayes named as replacement

UTC011_Hayes_DM_1.jpg

Gregory J. Hayes

(photo provided)

HARTFORD - United Technologies Corp. CEO Louis R. Chenevert announced his immediate retirement Monday morning.

Gregory J. Hayes, UTC senior vice president and chief financial officer, has been elected president, chief executive officer and a director, the company said in a statement . Edward A. Kangas, lead independent director, has been elected non-executive Chairman of the board.

UTC maintains a large presence with its United Technologies Aerospace Systems, the former Hamilton Sundstrand, in Windsor Locks, Connecticut. But there have been cutbacks. UTC cut more than 130 hourly and 78 salaried employees in Windsor Locks since the $18 billion acquisition of Goodrich Corp. in July, 2013. UTC  has fewer than 4,000 employees in Windsor Locks, only 875 of them hourly, unionized workers at Windsor Locks now.

On Monday, UTC today also reaffirmed its expectations of 2014 earnings per share of $6.75 to $6.85 and sales of about $65 billion. All told, UTC has 26,000 employees in Connecticut, making it the state's second-biggest employer.

Headquartered in Hartford, UTC is known from Pratt & Whitney jet engines, Sikorsky helicopters, Otis elevators and Carrier air conditioners.

UTC is a major customer of machine shops up and down the Pioneer Valley, utilizing local businesses as a supply chain for its major aerospace projects.

UTC's stock rebounded Monday after a sharp early drop. The stock was trading at 110.25 by mid-morning.

If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement and agree that your clicks, interactions, and personal information may be collected, recorded, and/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.