United Technologies Corporation (UTC) announced on Monday that Gregory J. Hayes, UTC senior vice president and chief financial officer, has been elected as the new president and CEO of the company. Hayes succeeds Louis R. Chenevert who is retiring as chairman and CEO of the company effective immediately. Additionally, Edward A. Kangas, lead independent director, has been elected non-executive chairman of the board.
Hayes is a 25-year veteran of UTC who has served for the last six years as the company's SVP and CFO. In addition to his other responsibilities as CFO, Hayes has directed communications and interactions between UTC's board of directors and the investor community.
"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," said Kangas in a statement. "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."
"I am honored by the board's selection and I am excited to be leading this terrific company," Hayes said. "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."
Kangas is the former chairman and CEO of Deloitte, Touche, Tohmatsu. He has been a member of the UTC board since 2008 and has served as chairman of the audit committee and as lead director.
