United Technologies Promotes Chenevert to CEO

United Technologies on Wednesday elected Louis Chenevert chief executive, succeeding George David, who will continue as chairman of the diversified U.S. manufacturer.

Chenevert, 50, will retain the title of UTC President and continue as director.

The move had been widely expected since the world's largest maker of elevators and air conditioners named Chenevert president and chief operating officer in March 2006. David, 66, served as chief executive for 14 years.

Shares of United Technologies , a component of the Dow Jones Industrial Average, were down about 1.5 percent Wednesday.