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United Technologies said on Wednesday that Louis Chenevert, its current president and chief executive, will assume the additional title of chairman, effective Jan. 1, 2010.
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Chenevert, 52, will succeed George David, 67, who is retiring after 34 years with United Technologies, the world's largest maker of elevators and air conditioners.
The transition comes as the Hartford, Connecticut-based company, which also makes jet engines and helicopters, is facing slumps in two key end markets: commercial construction and aviation.
David and Chenevert told reporters on a conference call they do not anticipate major changes in United Tech's top management team following the hand over.
"Too often, when you have leadership changes, you have a rotation of management," David said. "I certainly believe, and Louis does as well, that organizations this big run on momentum. And that takes constant energy in substantially the same direction."
Chenevert said United Technologies [UTX
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] expects the economy to remain rough for at least the next year.
"2010 is going to be another difficult year and again we have positioned the company to resume earnings growth based on what we control," Chenevert told reporters.
"We're not counting on a lot of change in the economy."
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