Diversified conglomerate United Technologies Corp. (UTX) Monday announced the retirement of Louis Chenevert as chairman and chief executive officer, effective immediately. The firm has appointed its Senior Vice President and Chief Financial Officer Gregory Hayes as president, CEO and a director.
Further, Edward Kangas, lead independent director, has been elected non-executive chairman of the board. The company also backed its outlook for full year 2014.
Hayes, 54, has served United Technologies for the past 25 years. He was the company's senior vice president and chief financial officer for the last six years.
Chenevert is leaving after 22 years of service, with his leadership position over the last six years.
Kangas is the former chairman and chief executive officer of Deloitte, Touche, Tohmatsu. He has been a member of the United Technologies' board since 2008 and has served as chairman of the Audit Committee and as lead director.
The company also reaffirmed its expectations of 2014 earnings per share of $6.75 to $6.85 and sales of about $65 billion.
On average, 18 analysts polled by Thomson Reuters expect earnings of $6.88 per share, on revenues of $65.26 billion for the year. Analysts' estimates typically exclude special items.
UTX closed Friday's trading at $110.30.
For comments and feedback contact: editorial@rttnews.com
Business News