HARTFORD, Conn. , May 12 /PRNewswire-FirstCall/ -- United Technologies Corp. (NYSE: UTX) has appointed Ari Bousbib president of its commercial companies, and UTC executive vice president. He will report to UTC President and Chief Executive Officer Louis R. Chenevert . Succeeding Bousbib as Otis president is Didier Michaud . Both appointments are effective immediately.
In his new position Bousbib, 47, will have operating responsibility for the corporation's commercial businesses, which include Otis, Carrier, UTC Fire & Security, and UTC Power. The commercial business unit presidents will report to Bousbib.
Under Bousbib's leadership Otis revenues nearly doubled and operating profits tripled. Operating margins expanded by more than 700 basis points from substantial productivity gains and product cost reductions. During this period, Otis also gained significant global market share.
"This impressive operating record makes Ari uniquely qualified for his new role," Chenevert said. "Ari's appointment reflects the opportunities in front of our commercial businesses. He will work closely with the business units' leadership to execute strategic initiatives including bringing energy efficient, environmentally friendly solutions to urbanizing markets around the world. As I organize my leadership team for success, this change will optimize UTC's ability to capture market opportunity and deliver strong results."
Additionally, Bousbib will assume leadership of United Technologies International Operations, which has offices in Beijing , Singapore , Brussels , Moscow , and Seoul .
Bousbib joined UTC in 1997 as vice president, strategic planning. He oversaw important changes to the corporation's business portfolio, including the acquisition of Sundstrand and the divestiture of UTC's automotive business. He was named chief operating officer at Otis in December 2000 , and he was named Otis president in April 2002 .
Michaud, 50, joined Otis in June 1981 and he has held key leadership positions in the company's European operations. In July 2004 he was named president of Otis' United Kingdom and Central Europe operations.
United Technologies, based in Hartford, Conn. , is a diversified company providing high technology products and services to the global aerospace and building industries.
UTC-IR Contact: Peter Murphy, UTC (860) 728-7977 John Moran, UTC (860) 728-7062SOURCE United Technologies Corp.
