UTC elects new CEO

United Technologies Corporation, the parent company for such brands as Lenel, Otis Elevators, Chubb, Sikorsky helicopters, has a new CEO. The board of directors has elected Louis R. Chenevert to succeed George David, 66. David will be staying on as board chairman. Chenevert will retain his title as president of UTC and will retain his position as a UTC director.

Outgoing CEO said the election of Chenevert by the board was part of a "deliberate and successful process" to transition company leadership, and he said he had high confidence in Chenevert's ability to lead UTC.

Chenevert's background in UTC started in the Pratt & Whitney aircraft engines division. He started there in 1993 after working for American industrial firm General Motors. By 1999 he was president off Pratt & Whitney, and then became president and chief operating officer of UTC in 2006.