一场最匪夷所思的辞职：联合技术公司CEO为何主动求去？

    自切尼维特设定这些目标以来，欧洲的前景却变得更加黯淡。此外，他的计划还要依靠奥的斯电梯(Otis)在中国销量的大幅增长。但频频曝光的鬼城和过度建设的噩梦，意味着这个全世界规模最大、增长最快的电梯市场，在未来几年将显著放缓。

    所以，一种可能性是切尼维特的目标超出了董事会认为可以实现的程度。事实上，联合技术公司已经调低了今年的每股收益增长预期。另外一种可能性是，董事会曾主张拆分公司的飞机发动机与建筑服务业务。其中，飞机发动机业务的盈利能力相对较低。在联合技术公司旗下的普惠发动机公司（Pratt & Whitney），营业利润率为12.9%。此外，受到美国国防开支削减的影响，该公司直升机部门西科斯基（Sikorsky）的营业利润率仅有9.5%。相反，建筑业务，包括奥的斯电梯和开利（Carrier）HVAC产品（译注：供暖、通风与空调），在2013年的利润率则为15.7%。股东们的观点是，独立的建筑系统公司可以获得溢价倍数，拆分可以为股东带来更大收益。

    一直有传闻称，联合技术公司正在考虑出售西科斯基。切尼维特始终坚信，联合技术公司应该坚持“两条腿走路”。所以，不论是拆分还是出售直升机业务，都不太可能得到切尼维特的支持。我们不知道董事会对这两种观点的态度，或者董事会与这位CEO在这些问题上是否出现了矛盾。但有一点是显而易见的，假如辞职原因与健康或个人问题无关的话，一位有着出色业绩、只有57岁的CEO，如果没有与董事会在经营策略上产生冲突，是不大可能辞职的。

    出生于加拿大的切尼维特本来应该享有更高的声誉。他为数不多的外部活动是担任国会荣誉勋章基金会（Congressional Medal of Honor Foundation）的董事，这对我们很有启发。该基金会的使命是宣传勋章获得者们的英勇无畏，其中许多获得者都已是80岁或90岁高龄。因参与越南战争获得荣誉勋章的杰克•雅各布斯表示：“士兵们克服重重困难成功占领高地的故事，令他很受启发。路易斯认为，万事皆有可能，只要这件事情足够重要。”

    切尼维特是否曾带领他的部下去完成不可能的任务？成功实现弹性的目标，是否让他以为下一个目标一定能够实现？我们知道，大多数时候，他那种不屈不挠的乐观态度是一种有效的管理风格。在海耶斯的领导下，我们或许将看到一个更保守的联合技术公司。但切尼维特为公司装好的增长引擎，必将令公司受益匪浅。（财富中文网）

    译者：刘进龙/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.