Hayes gave the example of Pratt & Whitney and its Geared Turbofan engine and how it will propel future growth. He supplied details of how the engine was a substantial investment of more than 20 years and $10 billion and how it revolutionized the industry by trimming down fuel burn by 16 percent, emissions by 50 percent and noise by 75 percent. In addition, Hayes made known the need to invest in the next generation of expertise and skill. He said UTC expects to hire nearly 25,000 people in the United States over the next three years.
The company also encourages its employees to continue their education through its Employee Scholar Program, which pays for employees to earn degrees in any field. According to UTC the program, which was launched in 1996, is one of the company’s best expenditures as employees worldwide have earned 39,000 degrees.
Canadian businessman, Louis Chenevert, who previously served as the chairman and CEO at UTC, was also president of Pratt & Whitney Canada. He is recognized for the significant growth of UTC under his leadership. According to Forbes, during his tenure at UTC from 2006 through 2014, the share price climbed from a low of $37 to $117.
Born in Quebec, Chenevert earned a Bachelor of Commerce Degree from HEC Montreal. Chenevert, who is currently the exclusive adviser for Goldman Sach’s Merchant Banking Division, is chairman of HEC Montreal’s International Advisory Board.