一場最匪夷所思的辭職：聯合技術公司CEO為何主動求去？

????這是近期記憶中最令人匪夷所思的高管辭職事件。本周一，即11月24日早上7點，聯合技術公司（United Technologies）宣布，57歲的CEO路易斯?切尼維特即將退休。切尼維特從2008年4月開始擔任公司CEO。他的接任者將是長期擔任公司首席財務官的格雷戈里?海耶斯。

????筆者最近曾經為撰寫一篇報道專門采訪過切尼維特，他的一切都只能用“大”來形容。他身高6.5英尺（約1.98米），與他握手時你會覺得特別溫暖有力。他總是有一些大的想法和極具挑戰性的目標。航空航天業歷史上規模最大的一筆交易——2010年，聯合技術公司斥資163億美元收購古德里奇公司（Goodrich）——正是出自切尼維特之手。他抓住市場低迷的機會，推動公司以優惠價格收購了這家制動器與起落架制造商。這筆并購交易也使聯合技術公司從大型引擎制造商變成一家綜合性制造商，提供的產品幾乎涵蓋大型客機除航空電子設備之外的所有部件。

????此外，在最大的窄體機噴氣式發動機市場，切尼維特讓聯合技術公司重新回歸領先地位。切尼維特的助手們經常說，“路易斯的最愛”是齒輪傳動式渦輪風扇發動機，這款革命性的發動機可比傳統設計節省16%的燃油，并且可將起飛與降落時的噪聲降低75%。這款發動機成為新型龐巴迪C系列（Bombardier C-Series）的唯一選擇，也是通用電氣（GE）一款同類產品的強勁對手。后者是空中客車公司（Airbus）最暢銷機型A320-neo的發動機提供商。

????在切尼維特的領導下，聯合技術公司一舉成為美國最賺錢的大型企業集團。公司去年的總資產現金回收率為11.4%，遠遠高于通用電氣的8.2%。在切尼維特掌管公司期間，公司的股票收益率達到84%，比標準普爾500指數（S&P 500.）高出20個百分點。

????既然切尼維特有如此突出的業績，并且他也一如既往地對公司未來保持樂觀，那他為何要辭職？該公司稱這是切尼維特自己的決定，不涉及任何財務不當行為。事實上，聯合技術還再次重申了該公司目前對2014財年的盈余預期。

????聯合技術公司在今年曾遭遇過多次打擊，包括龐巴迪C系列的齒輪傳動式渦輪風扇發動機原型起火，還有F-35聯合攻擊戰斗機的引擎爆炸。兩起事故均已得到解決。龐巴迪C系列發動機預定將在2015年底發布。

????海耶斯一直密切參與公司運營，因此他的任命也表明公司董事會對公司目前的業績非常滿意。

????問題可能出在切尼維特對未來的承諾上。當然，切尼維特辭職也可能純粹出于個人原因。但也有可能是因為他為聯合技術公司設立的目標過高，而作為一支傳統經濟的中堅力量，不論這家成熟的公司運轉得多么良好，或者多么善于利用新鮮技術，都不可能達到這位CEO飛行計劃所要求的高度和速度。

????切尼維特從未停止推動公司各部門主管為一些幾乎不可能實現的目標而努力。今年早些時候，占公司銷售額一半以上的建筑系統部門，承諾截至2020年將收入從290億美元增加到500億美元，并將利潤提高4個百分點以上，達到20%。而要實現這些目標，該部門必須保證銷售額按每年8%的速度增長，收入的增長速度還要更快。8%甚至是全球GDP預測增速的兩倍以上。但這正是他想要的。

????It was one of the most baffling C-suite resignations in recent memory. At 7 a.m. on Monday, November 24, United Technologies announced that Louis Chenevert, its CEO since April 2008, was stepping down immediately at age 57. His replacement: his long-time CFO Gregory Hayes.

????I spent time interviewing Chenevertfor a recent story, and everything about him was big. He stands 6’5”; shaking his hand is like clutching an electrode. And he was all about big ideas and super-stretch goals. It was Chenevert who orchestrated the biggest deal in aerospace history, United Technologies’ $16.3 billion acquisition of Goodrich in 2010. By pursuing a deal in a depressed market, he snagged the maker of brakes and landing gear at a bargain price. That merger made United Technologies, which was already a big engine-maker, a full-service manufacturer that provides everything that goes on an airliner, from tail to nose, except avionics.

????Chenevert also restored United Technologies UTX -1.37% to the front ranks in the largest market for jet engines, those designed for narrow-body airplanes. “Louis’ baby,” as his lieutenants used to say, is the geared-turbofan, a revolutionary engine that saves around 16% on fuel over conventional designs, and reduces noise at takeoff and landing by 75%. It’s the sole choice on the new Bombardier C-Series, and a strong rival to an engine produced by a GE GE 0.04% partnership on the best-selling Airbus A320-neo.

????Under Chenevert, United Technologies reigned as arguably the most profitable conglomerate in America. Its cash return on total assets last year was 11.4%, far better than General Electric’s 8.2%. During Chenevert’s time at the top, he’s delivered an 84% total return to shareholders, about 20 points better than the S&P 500.

????So, given Chenevert’s excellent record—and typically ebullient optimism about the future, justified or not—why did he resign? The company states that the decision was his alone, and that no financial improprieties were involved. Indeed, the company reaffirmed its current earnings guidance for 2014.

????United Technologies has suffered a few setbacks this year, including a fire in the prototype for the geared turbofan on the Bombardier C-Series and an engine blowout on the F-35 Joint Strike Fighter. Both problems have been fixed. The C-Series is slated to launch on schedule at the end of 2015.

????The appointment of Hayes, an insider with a careful eye on operations, also suggests that the company’s board is satisfied with its current performance.

????The problem may be Chenevert’s promises for the future. Of course, it’s possible that Chenevert is departing for purely personal reasons. But it’s also possible that he has simply set the bar too high for United Technologies, and that a mature, old-economy stalwart, no matter how well run or how adept at harnessing fresh technology, simply cannot soar as high, and as fast, as the CEO’s flight plan demands.

????Chenvert never stopped pushing his business heads to achieve the near-impossible. Early this year, the buildings systems unit, which accounts for more than half the company’s sales, pledged to lift revenues from $29 billion to $50 billion by 2020, and raise margins by over 4 points to 20%. Getting there requires an epic 8%-a-year growth rate in sales, and an even faster increase in earnings. That 8% is more than twice the rate of projected global expansion in GDP. But that’s what the boss wanted.