United Technologies CEO announces retirement, succeeded by chief financial officer

Industrials Associated Press

Louis Chenevert (Shen-eh-'VAIR), the chief executive officer of aerospace and building systems giant United Technologies Corp., is retiring abruptly after six years and will be succeeded by the company's chief financial officer.

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The Hartford, Connecticut, conglomerate announced the change of leadership on Monday. It promoted CFO Greg Hayes to the top job.

Chenevert steered United Technologies' $18.4 billion purchase of aerospace parts maker Goodrich Corp. in 2012. It was the industry's largest deal and gave the company a stronger presence in the aerospace industry.

Chenevert iinformed the board of directors of his retirement as chairman and CEO effective immediately.

Edward A. Kangas, lead independent director, has been elected non-executive chairman of the board.

The 54-year-old Hayes has been with United Technologies for 25 years and has been hief financial officer for the past six years.