United Tech CEO plans exit after Rockwell integration: Bloomberg
(Reuters) - United Technologies Corp (UTX.N) Chief Executive Officer Greg Hayes is planning to leave following completion of the company’s integration with Rockwell Collins Inc (COL.N), Bloomberg reported on Monday.
FILE PHOTO - United Technologies Chairman and CEO Greg Hayes gives an interview to CNBC on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 5, 2017. REUTERS/Brendan McDermid
Hayes has discussed a plan with the company's board to leave after the integration, which is expected to take about three years, according to the report. (bloom.bg/2ICl4YP)
He could stay as long as five years, depending on the pace of the merger and whether United Tech pursues the breakup it promised to explore later this year, Bloomberg reported.
United Tech, which makes Pratt & Whitney jet engines, had said last month it was exploring a breakup of its business portfolio, including jet engines, elevators and air conditioners.
The company had struck a $30 billion deal to buy avionics and interiors maker Rockwell Collins last year.
United Tech shares have lagged the broader market under Hayes as the company spent heavily on developing the new fuel-saving geared turbofan engine and as sales of Otis elevators were pressured due to a supply glut in China.
The company's shares were down 1.1 percent at $126.90 in afternoon trade on Monday, compared to a 1.5 pct decline in the Dow Jones Industrial Average index .DJI.
The company did not immediately respond to a request for comment.