December 6, 2014 / 2:10 AM / 3 years ago

Former CEO of UTC questioned by directors on decreasing involvement: WSJ

(Reuters) - United Technologies Corp’s UTX.N former Chief Executive Officer Louis Chenevert, who retired abruptly, made a trip to Taiwan two weeks before his retirement to check on the construction of his yacht, the Wall Street Journal reported citing sources.

Flie photo of Louis Chenevert, then Chairman and CEO of United Technologies Corporation (UTC), remarking about the new Sikorsky Aircraft S-97 RAIDER helicopter during its unveiling ceremony at Sikorsky Aircraft in Jupiter, Florida October 2, 2014. REUTERS/Andrew Innerarity

There were concerns among senior managers and directors of the diversified U.S. manufacturer about Chenevert's disconnect from the company and increasing focus on his private life, the Journal reported. (on.wsj.com/1A2hT1g)

Edward Kangas, United Technologies’ lead independent director, spoke to Chenevert on matters regarding the former CEO’s priorities and his decreasing involvement, according to the Journal.

The maker of Otis elevators, Pratt & Whitney jet engines and Sikorsky helicopters did not provide a reason for Chenevert’s retirement, which came two weeks before he was to present the company’s 2015 financial outlook to analysts and investors at a meeting in New York.

Greg Hayes, a 25-year company veteran who has served as United Tech’s chief financial officer the past six years, has taken over as CEO.

Representatives for United Technologies Corp were not immediately available for comment.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Lisa Shumaker

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