The executive in charge of United Technologies Corp's building systems business, Geraud Darnis, is leaving the company in the latest management change under new CEO Greg Hayes.
As president of UTC Building and Industrial Systems, Darnis has been overseeing divisions including include Otis elevators and Carrier climate control systems. The 55-year-old Darnis will retire in January after a more than 30-year career at the company.
The news comes less than a week after UTC cut its 2015 profit outlook for the third time this year.
GE Doubling Down on Energy Storage
General Electric is reportedly planning to take a stake in the energy storage market — an industry with huge potential as wind and solar power become more significant.
GE said it expects the energy storage sector to quadruple to $6 billion in the next five years. GE has been announcing deals to supply lithium ion batteries to projects in the U.S. and Canada in recent months.
Pfizer Sees Vaccine, Cancer Drug Boost
Pfizer has reported better than expected results in the second quarter. The numbers were well-received by Wall Street despite an overall fall in net income.
The drug giant, which has a research center in Groton, said good sales of its pneumonia vaccine and a new medicine for breast cancer were particularly encouraging.
Pfizer’s vaccine unit reported a 44 percent increase in revenue, while its cancer drug sales were up 25 percent.
The Hartford Swings to Profit
The Hartford Financial Services Group has reported second-quarter net income of $413 million, exceeding Wall Street’s expectations after a losing quarter at the same time last year.
The Hartford had net income of 96 cents per share, and revenue of more than $4 billion. The results were helped by better underwriting results.
In the announcement, the company said it will now boost its dividend and increase its stock buyback program.
