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Former United Technologies CEO George David, who stepped down from that post in April 2008, said Wednesday he will retire from his job as chairman of the board at the end of the year. (Bettina Hansen / The Hartford Courant) |
The end of the end is near for George David's spectacular run atop United Technologies Corp.
The 67-year-old former UTC chief executive, who yielded the top job to Louis Chênevert in April 2008, will step down as chairman of the board at the end of the year, the company said late Wednesday.
Chênevert, 52, will become chairman on Jan. 1.
When David retired as CEO, UTC said he would serve as chairman for a year or two. On Wednesday the company said he would remain a "consultant and adviser" through 2010, so his 34-year affiliation with the company won't be totally over.
In a conference call with reporters Wednesday, David, who joined UTC in 1975, said he had not decided what to do next, but said "there are lots of options" and "there will be a decision in a little while."
The company did not define David's consulting duties, and neither he nor Chênevert offered details.
"It's going to be up to him," David said, noting that as chairman he worked on mergers and acquisitions projects.
An Avon resident, David said he expects to remain in Connecticut.
"Nice house up there," said David, who races sailing yachts and went through a highly public divorce earlier this year. "Great view of the valley. I think you'll find me here for a while."
In 14 years as CEO, David increased UTC's profits by 860 percent, from $437 million in 1993, the year before he took over, to $4.2 billion in 2007. The company's value climbed by $40 billion, and David earned several hundred million dollars.
UTC is Connecticut's largest private employer, with about 26,000 in the state, a number that has been falling this year as the company executes a plan to lay off 11,600 worldwide, including at least 1,500 in Connecticut. UTC is scheduled to disclose third-quarter earnings on Tuesday.
The 67-year-old former UTC chief executive, who yielded the top job to Louis Chênevert in April 2008, will step down as chairman of the board at the end of the year, the company said late Wednesday.
Chênevert, 52, will become chairman on Jan. 1.
When David retired as CEO, UTC said he would serve as chairman for a year or two. On Wednesday the company said he would remain a "consultant and adviser" through 2010, so his 34-year affiliation with the company won't be totally over.
In a conference call with reporters Wednesday, David, who joined UTC in 1975, said he had not decided what to do next, but said "there are lots of options" and "there will be a decision in a little while."
The company did not define David's consulting duties, and neither he nor Chênevert offered details.
"It's going to be up to him," David said, noting that as chairman he worked on mergers and acquisitions projects.
An Avon resident, David said he expects to remain in Connecticut.
"Nice house up there," said David, who races sailing yachts and went through a highly public divorce earlier this year. "Great view of the valley. I think you'll find me here for a while."
In 14 years as CEO, David increased UTC's profits by 860 percent, from $437 million in 1993, the year before he took over, to $4.2 billion in 2007. The company's value climbed by $40 billion, and David earned several hundred million dollars.
UTC is Connecticut's largest private employer, with about 26,000 in the state, a number that has been falling this year as the company executes a plan to lay off 11,600 worldwide, including at least 1,500 in Connecticut. UTC is scheduled to disclose third-quarter earnings on Tuesday.
Consultant give me a break just another way to pilfer more millions . How much money is enough? How about an apology for the rape, robbing, of the state of ct. and it workers. How many billions did you take and extract from the people and the state of ct. Oh , by the way thanks for Al Haig ("I'm in charge here") who the hell is u.t.c. to pick our secretary of state, shamfull
stuhipkis (10/15/2009, 7:57 PM )