一場最匪夷所思的辭職：聯合技術公司CEO為何主動求去？

????自切尼維特設定這些目標以來，歐洲的前景卻變得更加黯淡。此外，他的計劃還要依靠奧的斯電梯(Otis)在中國銷量的大幅增長。但頻頻曝光的鬼城和過度建設的噩夢，意味著這個全世界規模最大、增長最快的電梯市場，在未來幾年將顯著放緩。

????所以，一種可能性是切尼維特的目標超出了董事會認為可以實現的程度。事實上，聯合技術公司已經調低了今年的每股收益增長預期。另外一種可能性是，董事會曾主張拆分公司的飛機發動機與建筑服務業務。其中，飛機發動機業務的盈利能力相對較低。在聯合技術公司旗下的普惠發動機公司（Pratt & Whitney），營業利潤率為12.9%。此外，受到美國國防開支削減的影響，該公司直升機部門西科斯基（Sikorsky）的營業利潤率僅有9.5%。相反，建筑業務，包括奧的斯電梯和開利（Carrier）HVAC產品（譯注：供暖、通風與空調），在2013年的利潤率則為15.7%。股東們的觀點是，獨立的建筑系統公司可以獲得溢價倍數，拆分可以為股東帶來更大收益。

????一直有傳聞稱，聯合技術公司正在考慮出售西科斯基。切尼維特始終堅信，聯合技術公司應該堅持“兩條腿走路”。所以，不論是拆分還是出售直升機業務，都不太可能得到切尼維特的支持。我們不知道董事會對這兩種觀點的態度，或者董事會與這位CEO在這些問題上是否出現了矛盾。但有一點是顯而易見的，假如辭職原因與健康或個人問題無關的話，一位有著出色業績、只有57歲的CEO，如果沒有與董事會在經營策略上產生沖突，是不大可能辭職的。

????出生于加拿大的切尼維特本來應該享有更高的聲譽。他為數不多的外部活動是擔任國會榮譽勛章基金會（Congressional Medal of Honor Foundation）的董事，這對我們很有啟發。該基金會的使命是宣傳勛章獲得者們的英勇無畏，其中許多獲得者都已是80歲或90歲高齡。因參與越南戰爭獲得榮譽勛章的杰克?雅各布斯表示：“士兵們克服重重困難成功占領高地的故事，令他很受啟發。路易斯認為，萬事皆有可能，只要這件事情足夠重要?！?/p>

????切尼維特是否曾帶領他的部下去完成不可能的任務？成功實現彈性的目標，是否讓他以為下一個目標一定能夠實現？我們知道，大多數時候，他那種不屈不撓的樂觀態度是一種有效的管理風格。在海耶斯的領導下，我們或許將看到一個更保守的聯合技術公司。但切尼維特為公司裝好的增長引擎，必將令公司受益匪淺。（財富中文網）

????譯者：劉進龍/汪皓

????Since Chenevert set those goals, the outlook in Europe has only become more dire. His plan also counts on big growth in China to drive sales of its Otis elevators. The rise of ghost cities, and the specter of vast overbuilding, means the biggest, fastest-growing elevator market on the planet may slow substantially in the years ahead.

????So one possibility is that Chenevert’s goals exceeded what the board believes are achievable. In fact, United Technologies already downgraded its expectations for this year’s EPS growth. Another possibility is that the directors advocated splitting the aircraft engine and building services businesses. The former is the less profitable of the two. At United’s engine-maker Pratt & Whitney, operating margins stand at 12.9%. Sikorsky, the company’s helicopter unit, which has suffered from cutbacks in defense spending, earns just 9.5%. By contrast, buildings systems—consisting of Otis, as well as Carrier HVAC products—boasted margins of 15.7% for 2013. The idea is that an independent building systems company would merit a premium multiple and a split would provide big gains to shareholders.

????It’s long been rumored that United Technologies is pondering a sale of Sikorsky. Chenevert is a big believer that United Technologies should stand on two strong legs. It’s unlikely that he would favor either the aerospace-building systems split or the sale of the helicopter-maker. Nor do we know the board’s view on either, or whether it conflicted with the CEO’s. What’s obvious is that 57-year old CEOs with sterling records seldom step down without some sort of clash in strategy with their boards, assuming the reason isn’t health-related or personal.

????The Canadian-born Chenevert deserved to be far better known. It’s instructive that one of his few outside activities was serving as a director of the Congressional Medal of Honor Foundation, whose mission is to promote awareness of the valor of its recipients, many of them in their 80s or 90s. “He’s obviously inspired by stories about soldiers who succeeded in taking the hill against all odds,” says Jack Jacobs, a Medal of Honor winner from his service in Vietnam. “Louis has a view that nothing is impossible if it’s important enough.”

????Did Chenevert push his troops to do what was genuinely impossible, and let his success in reaching elastic goals convince him that the next one was always within reach? All we know is that, for the most part, his relentless optimism worked as a management style. Under Hayes, we’ll probably see a more conservative United Technologies. But it will greatly benefit from the growth engines that Chenevert put in place.