The United Technologies Corporation is by far the most dominant aerospace manufacturer in all of North America. They single-handedly equip the majority of corporate and privately owned airlines with fly sensors, autopilot mechanisms, landing gear, and jet engines. While it is the most dominant company in its industry today, this was not always the case.
Between the years 2006 and 2011 the world faced the great recession. As the housing market imploded in the United States of America it sent ripples worldwide. Countries such as Greece and Portugal ended up declaring bankruptcy because of what happened here.
Many industries were affected by the global recession and that included the aerospace manufacturing industry. Many business analysts thought that the clock was counting down concerning the United Technologies Corporation. In their times of desperate need they brought in the big guns. They hired the Chief Executive Officer Louis Chenevert.
Chenevert was able to not only keep United Technologies Corporation afloat, but he was able to nearly triple the stockholder price.
When Chenevert arrived at United Technologies Corporation he merely set to work with three strategies to secure this company’s future. The first strategy was cost-cutting. He knew that during this time of recession, increasing profits would be a very difficult task. Rather than increasing the input, he knew the best strategy would be to decrease the output. By moving several factories close to one another and internally moving their own supplies, he was able to save the company $150 million over a span of five years.
He also stabilized the company by offsetting the deficit. To do this he acquired companies that held strategic value and military contracts and corporate infrastructure.
These wise business moves enabled him to take United Technologies Corporation and move their share price from $37 a share to $117 a share. During his time, he increased the company’s value to the $3 billion. In return for this work, he was awarded a $14 million compensation package.
Chenevert now works for Goldman Sachs as a consultant working in the executive branch division to provide them great Council.
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In the United States today there are many things that are open to debate. There are many ideas that officials have in order to improve this country, and some of these ideas are downright controversial. One idea which has been open to increasing debate in the present time would be the abolition of the penny.
A recent interview on CNBC Sqwauk Box (Embed Code: ) actually discussed this very issue. Philip Diehl, who is a former U.S. Mint Director and now the President of the U.S. Money Reserve was recently on the Sqawk Box news show and espoused a number of arguments for the abolishment of the penny.
To begin with, Mr. Diehl felt that the penny had outlived its usefulness and that it is “not needed anymore.” One of the main points that Diehl made about the US Reserve was that if an individual bends over and picks up a penny they are actually making less money per hour than minimum wage.
If you apply analysis to this statement, you would definitely find out that it is true. If an ordinary individual were to pick up a penny, they would probably need about ten seconds to do it. There are about 3600 seconds in an hour and dividing it by ten would leave you with 360. Thus, stopping to pick up a penny will only merit you about $3.60 an hour give or take.
The commentator questioned Diehl, saying that some feel taking the penny out of circulation would lead to inflation because some retailers would naturally raise their prices to the next cent over.
However, Diehl felt that it wouldn’t make good business sense for an establishment such as McDonald’s to upset customers by raising their prices to the next penny.
Finally, the argument was raised that the nickel is also an example is coinage that costs more to make than what it is worth acording to his Facebook page. However, Diehl’s counterargument was that the penny is “beyond hope” and that there are methods that can be taken in order to make the nickel more profitable to produce.
Overall, an interesting and educational debate that will probably continue for a number of years into the future.