United Technologies Appoints CEOs for Future Independent Carrier and Otis
FARMINGTON, Conn., June 3, 2019
FARMINGTON, Conn., June 3, 2019 /PRNewswire/ — United Technologies Corp. (NYSE: UTX) (“UTC”) today announced the appointments of David L. Gitlin as president & chief executive officer of Carrier and Judith F. Marks as president & chief executive officer of Otis, effective immediately.
“I’m pleased to announce these most important assignments as we make strong progress toward our goal of establishing both Carrier and Otis as stand-alone public companies and clear leaders in their respective industries,” said Greg Hayes, UTC chairman & CEO. “I have great confidence in Judy and Dave to drive strategic growth, lead their industries in innovation and customer focus, and maximize value creation for their respective shareowners, customers and employees.”
“I’m deeply honored to join the tremendous team at Carrier. Thanks to the efforts of our 55,000 people and our highly differentiated portfolio, we are the industry’s premier intelligent building systems company. As we prepare to become an independent public company, we will be working tirelessly to ensure that we provide best-in-class performance for our customers, employees and shareholders,” said Dave Gitlin.
“I’m privileged to lead our 68,000 Otis colleagues into the future. We’re the world’s leading elevator and escalator company, moving more than two billion people a day. The largest portfolio of service contracts, our global presence, and our ability to execute at scale enable Otis to deliver superior returns to shareowners through economic cycles. We continue to differentiate our business through a relentless focus on our customers, unparalleled experience and expertise, a committed workforce, continuous innovation and application of digital technologies across our enterprise,” said Judy Marks.
David L. Gitlin, a veteran of United Technologies, is the newly appointed president and chief executive officer of Carrier. He most recently served as president and chief operating officer of Collins Aerospace. Previously, Gitlin was president of UTC Aerospace Systems after leading the integration of Goodrich Corporation with UTC. In addition to his leadership roles, he has extensive experience in business development, strategy, and mergers and acquisitions. Gitlin holds a bachelor’s degree from Cornell University, a Juris Doctorate from the University of Connecticut and an MBA from the MIT Sloan School of Management.
Judith F. Marks joined United Technologies as president of Otis in 2017 from Siemens, where she served as CEO of Siemens USA and Dresser-Rand, a Siemens business. Previously, she held senior leadership roles at Lockheed Martin and IBM. As president & CEO of Otis, Marks is leading the iconic company through a digital and cultural transformation. She earned a bachelor’s degree in electrical engineering from Lehigh University and serves as a director of Hubbell, Inc.
About United Technologies Corporation
United Technologies Corp., based in Farmington, Connecticut, provides high-technology systems and services to the building and aerospace industries. By combining a passion for science with precision engineering, the company is creating smart, sustainable solutions the world needs. For more information about the company, visit our website at www.utc.com or on Twitter @UTC.
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(18) risks relating to the integration of Rockwell Collins, including the risk that the integration may be more difficult, time-consuming or costly than expected or may not result in the achievement of estimated synergies within the contemplated time frame or at all; (20) the ability of United Technologies to retain and hire key personnel; (21) the expected benefits and timing of the separation transactions, and the risk that conditions to the separation transactions will not be satisfied and/or that the separation transactions will not be completed within the expected time frame, on the expected terms or at all; (22) the expected qualification of the separation transactions as tax-free transactions for U.S. federal income tax purposes; (23) the possibility that any consents or approvals required in connection with the expected separation transactions will not be received or obtained within the expected time frame, on the expected terms or at all; (24) expected financing transactions undertaken in connection with the separation transactions and risks associated with additional indebtedness; (25) the risk that dissynergy costs, costs of restructuring transactions and other costs incurred in connection with the separation transactions will exceed our estimates; and (26) the impact of the expected separation transactions on our businesses and the risk that the separation transactions may be more difficult, time-consuming or costly than expected, including the impact on our resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties. 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Contact: Michele Quintaglie, UTC, (860) 493-4364
SOURCE United Technologies Corp.