Retired Aerospace Industry CEO Louis Chenevert

Canadian-born Louis Chenevert was elected as the President and CEO of the Connecticut-based jet engine assembly company known as United Technologies Corporation in March of 2006 after having served in top executive positions at companies like Pratt and Whitney, which he was elected President of in 1999, and General Motors, where he spent 14 years and worked for a period of one year on a deal to acquire Goodrich, which he finally accomplished for a cost of an estimated $17 billion.

United Technologies Corporation, or UTC, manufactures advanced commercial and military plane engines, and Louis Chenevert was brought in as the company’s CEO during the time the U.S. was experiencing a serious recession, but using his strategic ideas, he still managed to help the business to develop steadily, which led to the stability of its financial standing being maintained. By coming up with the plan to avoid outsourcing the production of UTC’s assembly operation by instead bringing aeronautical engineers to the company’s Connecticut base where their skills could be used, he kept the company running smoothly. Under his direction, UTC continued to experience high earnings.

Louis Chenevert received his business training at the University of Montreal, where he received a Bachelor’s degree in Production Management, and in 2011, he was awarded an honorary Doctorate degree from the same university due to his accomplishments in the business industry. Among some of the other awards he has received for his entrepreneurial achievements, as well as for his philanthropic efforts, are The Person of the Year Award from Aviation Weeks and Space Technology, and the FDNY Fire Commissioner’s Humanitarian Award.

After Louis Chenevert retired from UTC, which is not only the builder of jet engines, but also operates OTIS, which is the world’s biggest elevator and escalator company, he continued to share his excellent strategic skills by becoming the Senior Advisor in the Merchant Banking Division of the Goldman Sachs Group, where he consults on how to target financial opportunities in the aerospace industry. Since retiring from his position at UTC, he now has more time to spend aboard his 110 ft. yacht.

Ted Bauman Explains the History of Labor Day

Ted Bauman explains that the history of Labor Day is not as simple as many people think it is. It is not just about celebrating the labor movement and the commitment of many Americans to go work. It is a lot more than that, and it has a darker side, but it still should provide everyone with a glimmer of hope.

After the Civil War, the economy in the United States blossomed and grew. This was the industrial age, and many people left their farms and cotton fields in order to go work in large factories and mines. The only problem was that there were great monopolies that were able to take advantage of workers.

The Pullman company was one of them. What many people may not know about this company is that they built an entire city for their workers, called Pullman, near Chicago. Visit crunchbase.com to know more.

What they did was that they said that all their workers should live in the city, but they did not let anyone buy any property. Instead, they all had to rent it from the Pullman company. What Pullman later did was lower the wages for all of the workers while not lowering the rent and the costs of utilities. In other words, he was easily able to create a monopoly and take advantage of people. Debs was a famous union leader who organized the unhappy workers, and they started to strike. In the end, two hundred and fifty thousand workers went on strike. They stopped a large portion of the railroad operations.

President Cleveland wanted to find a way to end the strike. Unfortunately, he charged the Attorney General with the task, who called in the United States army to oppress the workers. They shot thirty workers and wounded many more. Of course, there was outrage about all of this, and so President Cleveland started Labor Day in order to reassure workers.

Ted Bauman explains that our situation today has many problems as well. We still have large monopolies who take advantage of smaller competitors. We need to learn our history and not make the same mistakes that were made then. We can make our country great again by learning from our mistakes and not repeating them.

Ted Bauman is a well known financial journalist. He is the editor of The Bauman Letter, and he writes about financial news and investing.

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