George David is retiring as chairman of United Technologies Corp. at year-end, with the role passing to CEO Louis Chênevert.
Hartford-based UTC is the largest employer in Connecticut and Fairfield County, in the latter case via its Stratford-based subsidiary Sikorsky Aircraft Corp.
David, 67, became CEO of UTC in April 1994, replacing onetime Sikorsky president Robert Daniell, and led the company until Pratt & Whitney boss Chênevert, 52, was promoted in April 2008.
During David”™s tenure as CEO, UTC”™s stock rose from $6 a share to nearly $70.
A graduate of Harvard University and the University of Virginia”™s Darden School of Business, David was hired by Otis Elevator in 1975 on the eve of its sale to United Aircraft, prompting the merged company to change its name to United Technologies.
Under David, UTC acquired aerospace manufacturer Sundstrand Corp. in 1999, merging it with its Hamilton Standard unit to form Hamilton Sundstrand.
The company also formed UTC Fire & Security through the 2001 purchase of Chubb Security and the 2005 buy of Kidde. Also that year, UTC bought Boeing Co.”™s Rocketdyne division that makes rocket engines.
In David”™s final days as CEO in March 2008, UTC announced an attempted takeover of ATM maker Diebold Inc., but the latter company rejected the bid as too low.
