New York: United Technologies Corp. (UTC), the maker of Black Hawk helicopters and Carrier air conditioners, named Gregory Hayes president and chief executive officer, succeeding Louis Chenevert, who is retiring.

Chenevert, 57, will also step down as chairman and his retirement from both roles is effective immediately, the company said in a statement. Hayes, who was previously the Hartford, Connecticut-based company’s chief financial officer, will also become a director. Edward Kangas, a lead independent director, will become non-executive chairman of the board.

Hayes, 54, is a 25-year veteran of UTC and has also worked directing communications between the company’s board and the investor community.

United Technologies rose 1.4% to $110.30 on 21 November, the last trading day, leaving the shares down 3.1% for the year. Bloomberg