United Technologies chairman and chief executive officer Louis Chenevert has retired with immediate effect. He will be replaced by the company’s existing senior vice president and chief financial officer Gregory Hayes.
The reason of sudden retirement has not been disclosed, but speculations are rife as Chenevert’s move comes prior to the company’s 2015 financial outlook in New York.
United Technologies non-executive chairman of the board Edward Kangas said: "The appointment of Greg Hayes to succeed Louis Chenevert continues the excellent leadership UTC has enjoyed for the past half century.
"The Board thanks Mr. Chenevert for his 22 years of service to UTC, his leadership over the last six years and for his many contributions and important transformational initiatives during his tenure."
"Greg is highly regarded by the Board and by UTC employees, customers and shareowners. We are confident Greg will lead UTC to increasing profitability and shareowner returns."
Hayes has served UTC for the last six years as its senior vice president and chief financial officer, with responsibilities including directing communications and interactions between UTC’s Board of Directors and the investor community.
Hayes said: "I am honored by the Board’s selection and I am excited to be leading this terrific company.
"Our focus will remain on creating innovative products and solutions for our global customers and delivering best-in-class returns for our shareowners, all supported by our highly skilled and talented workforce."
