United Technologies Chairman, CEO To Retire Immediately

MarketWatch Pulse

United Technologies said its chairman and chief executive officer, Louis Chenevert, will retire, effective immediately, after 22 years with the company. The diversified industrial conglomerate said its chief financial officer, Gregory Hayes, has been elected CEO, and the lead independent director, Edward Kangas, has been elected non-executive chairman. Hayes has been with with the company for 25 years, the last six as CFO. "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," Hayes said. The company also affirmed its 2014 earnings-per-share outlook of $6.75 to $6.85 and its sales forecast of $65 billion. The stock, a component of the Dow Jones Industrial Average, has slipped 3.1% so far this year through Friday, while the Dow has gained 7.4%.

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