March 19, 2018 / 6:37 PM / a month ago

United Tech CEO plans exit after Rockwell integration - Bloomberg

(Reuters) - United Technologies Corp (UTX.N) Chief Executive Officer Greg Hayes is planning to leave following completion of the company’s integration with Rockwell Collins Inc (COL.N), Bloomberg reported on Monday.

FILE PHOTO - United Technologies Chairman and CEO Greg Hayes gives an interview to CNBC on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 5, 2017. REUTERS/Brendan McDermid

Hayes has discussed a plan with the company's board to leave after the integration, which is expected to take about three years, according to the report. (bloom.bg/2ICl4YP)

He could stay as long as five years, depending on the pace of the merger and whether United Tech pursues the breakup it promised to explore later this year, Bloomberg reported.

United Tech, which makes Pratt & Whitney jet engines, had said last month it was exploring a breakup of its business portfolio, including jet engines, elevators and air conditioners.

The company had struck a deal to buy avionics and interiors maker Rockwell Collins last year.

    “To be clear, Mr Hayes intends to continue to remain focused on executing UTC’s priorities for years to come,” the company said in a emailed statement to Reuters in response to requests for comments on the Bloomberg story.

    United Tech shares have lagged the broader market under Hayes as the company spent heavily on developing the new fuel-saving geared turbofan engine and as sales of Otis elevators were pressured due to a supply glut in China.

    Separately, Boeing Co (BA.N), which had raised concerns about the deal last year, reached “win-win agreements” with both the companies, Boeing said on Monday.

    “We have provided consent to their (United Tech and Rockwell Collins) transaction under our contracts,” Boeing said.

    United Tech’s shares closed down about 1 percent at $127.20 on Monday.

    Reporting by Arunima Banerjee in Bengaluru; Editing by Shounak Dasgupta

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