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United Technologies CEO Louis Chenevert retires

United Technologies CEO Louis Chenevert InterviewUnited Technologies CEO Louis Chenevert Interview
Louis ChenevertPhotograph by Munshi Ahmed — Bloomberg/Getty Images

United Technologies Chairman and Chief Executive Louis Chenevert has announced his immediate retirement from the industrial conglomerate, after working at the company for 22 years including more than six years as CEO.

The company has named an insider, Chief Financial Officer Gregory Hayes, to succeed Chenevert. Hayes, 54 years old, is a 25-year veteran at United Technologies (UTX) and has spent the past six years serving as CFO. Hayes has also been named president and a director, while Edward Kangas–the lead independent director–has been elected non-executive chairman of the board.

United Technologies has reported higher sales and operating profit for the first nine months of 2014 from the year-earlier levels, with demand rising for all of the company’s business segments. Results the past few years have benefited from the company’s $16.5 billion acquisition of aircraft equipment maker Goodrich, a deal that was the largest ever for United Technologies and added about $8 billion to annual revenue at the time the deal closed in 2012.

On Monday, United Technologies also affirmed its full-year earnings and sales targets.