Louis Chenevert, the chief executive officer of United Technologies Corporation, has announced his retirement.
He will step down immediately, and he'll be succeeded by current chief financial officer Greg Hayes.??
During his six years in the top job, Chenevert steered United Technologies' $18.4 billion purchase of aerospace parts maker Goodrich Corporation in 2012. It was the industry's largest deal, and re-aligned the company to a stronger presence in the aerospace industry.??
The 54-year-old Hayes has been with United Technologies 25 years, and has been senior vice president and chief financial officer for the past six years.
Deficit Doubts
Republican lawmakers want a special session to address the state’s ongoing budget woes. House and Senate minority leaders sent a letter to the governor saying they believe the deficit for the current fiscal year may be even bigger than the administration has acknowledged.
If the deficit exceeds one percent of the state’s total budget, the legislature must be involved in mitigation efforts. So far, Governor Dannel Malloy’s office has said the deficit doesn’t pass that threshold.
Chinese Energy Bonanza
Companies like General Electric that have a big share of the market in energy infrastructure are calculating the potential benefits of the recent agreement between the U.S. and China on carbon emissions. The historic pact saw China agree to cap its emissions by 2030 and make renewable sources 20 percent of its output. That could mean hundreds of thousands of new wind farms or solar facilities, or a thousand new nuclear reactors.
Study: Parades Well Worth It
Parades may really pay off for cities, despite the expense and disruption. A survey carried out around Stamford’s pre-Thanksgiving parade indicates some big spending by the crowds who turned out to watch.
Avon-based Witan Intelligence Associates said families spent an average of just over $70.00 on parking, shopping, and downtown services last year, and if they ate out, the benefit was even bigger. This weekend’s balloon and float parade attracted tens of thousands of visitors to downtown Stamford.
