United Technologies Replaces CEO Amid Growth Challenges
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United Technologies Corp.’s surprise announcement that Chief Executive Officer Louis Chenevert has stepped down comes as the company struggles to boost growth in several key units.
Gregory Hayes, chief financial officer for the past six years, assumes the top post as United Technologies prepares a major new engine program in its Pratt & Whitney division and faces challenges to expand its Otis elevator business in China. While the company didn’t give a reason for the change, a spokesman said it was not related to financial performance. The abrupt announcement comes ahead of a Dec. 11 investor meeting in New York.