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一場最匪夷所思的辭職:聯(lián)合技術(shù)公司CEO為何主動求去?

一場最匪夷所思的辭職:聯(lián)合技術(shù)公司CEO為何主動求去?

Shawn Tully 2014年11月26日
在路易斯?切尼維特的領(lǐng)導(dǎo)下,聯(lián)合技術(shù)公司一舉成為美國最賺錢的大型企業(yè)集團(tuán)。但這位年僅57歲,創(chuàng)下輝煌業(yè)績的CEO日前突然宣布辭職。個中原因究竟是什么?

????這是近期記憶中最令人匪夷所思的高管辭職事件。本周一,即11月24日早上7點(diǎn),聯(lián)合技術(shù)公司(United Technologies)宣布,57歲的CEO路易斯?切尼維特即將退休。切尼維特從2008年4月開始擔(dān)任公司CEO。他的接任者將是長期擔(dān)任公司首席財(cái)務(wù)官的格雷戈里?海耶斯。

????筆者最近曾經(jīng)為撰寫一篇報(bào)道專門采訪過切尼維特,他的一切都只能用“大”來形容。他身高6.5英尺(約1.98米),與他握手時你會覺得特別溫暖有力。他總是有一些大的想法和極具挑戰(zhàn)性的目標(biāo)。航空航天業(yè)歷史上規(guī)模最大的一筆交易——2010年,聯(lián)合技術(shù)公司斥資163億美元收購古德里奇公司(Goodrich)——正是出自切尼維特之手。他抓住市場低迷的機(jī)會,推動公司以優(yōu)惠價格收購了這家制動器與起落架制造商。這筆并購交易也使聯(lián)合技術(shù)公司從大型引擎制造商變成一家綜合性制造商,提供的產(chǎn)品幾乎涵蓋大型客機(jī)除航空電子設(shè)備之外的所有部件。

????此外,在最大的窄體機(jī)噴氣式發(fā)動機(jī)市場,切尼維特讓聯(lián)合技術(shù)公司重新回歸領(lǐng)先地位。切尼維特的助手們經(jīng)常說,“路易斯的最愛”是齒輪傳動式渦輪風(fēng)扇發(fā)動機(jī),這款革命性的發(fā)動機(jī)可比傳統(tǒng)設(shè)計(jì)節(jié)省16%的燃油,并且可將起飛與降落時的噪聲降低75%。這款發(fā)動機(jī)成為新型龐巴迪C系列(Bombardier C-Series)的唯一選擇,也是通用電氣(GE)一款同類產(chǎn)品的強(qiáng)勁對手。后者是空中客車公司(Airbus)最暢銷機(jī)型A320-neo的發(fā)動機(jī)提供商。

????在切尼維特的領(lǐng)導(dǎo)下,聯(lián)合技術(shù)公司一舉成為美國最賺錢的大型企業(yè)集團(tuán)。公司去年的總資產(chǎn)現(xiàn)金回收率為11.4%,遠(yuǎn)遠(yuǎn)高于通用電氣的8.2%。在切尼維特掌管公司期間,公司的股票收益率達(dá)到84%,比標(biāo)準(zhǔn)普爾500指數(shù)(S&P 500.)高出20個百分點(diǎn)。

????既然切尼維特有如此突出的業(yè)績,并且他也一如既往地對公司未來保持樂觀,那他為何要辭職?該公司稱這是切尼維特自己的決定,不涉及任何財(cái)務(wù)不當(dāng)行為。事實(shí)上,聯(lián)合技術(shù)還再次重申了該公司目前對2014財(cái)年的盈余預(yù)期。

????聯(lián)合技術(shù)公司在今年曾遭遇過多次打擊,包括龐巴迪C系列的齒輪傳動式渦輪風(fēng)扇發(fā)動機(jī)原型起火,還有F-35聯(lián)合攻擊戰(zhàn)斗機(jī)的引擎爆炸。兩起事故均已得到解決。龐巴迪C系列發(fā)動機(jī)預(yù)定將在2015年底發(fā)布。

????海耶斯一直密切參與公司運(yùn)營,因此他的任命也表明公司董事會對公司目前的業(yè)績非常滿意。

????問題可能出在切尼維特對未來的承諾上。當(dāng)然,切尼維特辭職也可能純粹出于個人原因。但也有可能是因?yàn)樗麨槁?lián)合技術(shù)公司設(shè)立的目標(biāo)過高,而作為一支傳統(tǒng)經(jīng)濟(jì)的中堅(jiān)力量,不論這家成熟的公司運(yùn)轉(zhuǎn)得多么良好,或者多么善于利用新鮮技術(shù),都不可能達(dá)到這位CEO飛行計(jì)劃所要求的高度和速度。

????切尼維特從未停止推動公司各部門主管為一些幾乎不可能實(shí)現(xiàn)的目標(biāo)而努力。今年早些時候,占公司銷售額一半以上的建筑系統(tǒng)部門,承諾截至2020年將收入從290億美元增加到500億美元,并將利潤提高4個百分點(diǎn)以上,達(dá)到20%。而要實(shí)現(xiàn)這些目標(biāo),該部門必須保證銷售額按每年8%的速度增長,收入的增長速度還要更快。8%甚至是全球GDP預(yù)測增速的兩倍以上。但這正是他想要的。

????It was one of the most baffling C-suite resignations in recent memory. At 7 a.m. on Monday, November 24, United Technologies announced that Louis Chenevert, its CEO since April 2008, was stepping down immediately at age 57. His replacement: his long-time CFO Gregory Hayes.

????I spent time interviewing Chenevertfor a recent story, and everything about him was big. He stands 6’5”; shaking his hand is like clutching an electrode. And he was all about big ideas and super-stretch goals. It was Chenevert who orchestrated the biggest deal in aerospace history, United Technologies’ $16.3 billion acquisition of Goodrich in 2010. By pursuing a deal in a depressed market, he snagged the maker of brakes and landing gear at a bargain price. That merger made United Technologies, which was already a big engine-maker, a full-service manufacturer that provides everything that goes on an airliner, from tail to nose, except avionics.

????Chenevert also restored United Technologies UTX -1.37% to the front ranks in the largest market for jet engines, those designed for narrow-body airplanes. “Louis’ baby,” as his lieutenants used to say, is the geared-turbofan, a revolutionary engine that saves around 16% on fuel over conventional designs, and reduces noise at takeoff and landing by 75%. It’s the sole choice on the new Bombardier C-Series, and a strong rival to an engine produced by a GE GE 0.04% partnership on the best-selling Airbus A320-neo.

????Under Chenevert, United Technologies reigned as arguably the most profitable conglomerate in America. Its cash return on total assets last year was 11.4%, far better than General Electric’s 8.2%. During Chenevert’s time at the top, he’s delivered an 84% total return to shareholders, about 20 points better than the S&P 500.

????So, given Chenevert’s excellent record—and typically ebullient optimism about the future, justified or not—why did he resign? The company states that the decision was his alone, and that no financial improprieties were involved. Indeed, the company reaffirmed its current earnings guidance for 2014.

????United Technologies has suffered a few setbacks this year, including a fire in the prototype for the geared turbofan on the Bombardier C-Series and an engine blowout on the F-35 Joint Strike Fighter. Both problems have been fixed. The C-Series is slated to launch on schedule at the end of 2015.

????The appointment of Hayes, an insider with a careful eye on operations, also suggests that the company’s board is satisfied with its current performance.

????The problem may be Chenevert’s promises for the future. Of course, it’s possible that Chenevert is departing for purely personal reasons. But it’s also possible that he has simply set the bar too high for United Technologies, and that a mature, old-economy stalwart, no matter how well run or how adept at harnessing fresh technology, simply cannot soar as high, and as fast, as the CEO’s flight plan demands.

????Chenvert never stopped pushing his business heads to achieve the near-impossible. Early this year, the buildings systems unit, which accounts for more than half the company’s sales, pledged to lift revenues from $29 billion to $50 billion by 2020, and raise margins by over 4 points to 20%. Getting there requires an epic 8%-a-year growth rate in sales, and an even faster increase in earnings. That 8% is more than twice the rate of projected global expansion in GDP. But that’s what the boss wanted.

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