United Technologies announces reorganization, new presidents

AP News
Posted: Sep 10, 2015 4:49 PM

FARMINGTON, Conn. (AP) — United Technologies Corp. officials have announced a reorganization that includes running the subsidiaries Otis Elevator and United Technologies Climate, Controls & Security as stand-alone businesses with new presidents.

The Farmington, Connecticut-based aerospace and building systems conglomerate said the moves announced Thursday will sharpen the subsidiaries' focus by creating stronger lines of authority and accountability.

The reorganization comes after sales at Otis fell 7.5 percent in the first six months of the year versus a year ago amid an economic slowdown in China.

Two United Technologies executives will lead the two companies, which had operated under United Technologies Building & Industrial Systems.

Philippe Delpech will be president of Otis and Robert McDonough will become president of United Technologies Climate, Controls & Security, which includes Carrier and other brands.

United Technologies shares slipped 45 cents to close at $91.40 Thursday. Its shares have fallen almost 16 percent over the past year.