United Technologies reported on Monday morning that its CEO and chairman Louis R. Chenevert will be retiring. This change will be effective immediately. The company also reaffirmed its outlook for 2014.
CEO Retirement
The company announced that Gregory J. Hayes will be replacing Louis R. Chenevert as president, CEO and director. Hayes has been with United Technologies for 25 years and has served as the company’s CFO and senior vice president for the last six years.
Edward Kangas will become the company’s non-executive chairman of the board.
Outlook
The company reported that it expects to see FY2014 earnings between $6.75 and $6.85 per share – while analysts expect see earnings of $6.88 per share.
Mutual Funds to Watch
For investors seeking exposure to United Technologies, a mutual fund investment may be a good alternative rather than purchasing the individual stock. Below are three mutual funds with the largest stake in United Technologies.
| Symbol | Mutual Fund | Stake |
|---|---|---|
| VTSMX | Vanguard Total Stock Market Index | 1.58% |
| VFINX | Vanguard 500 Index | 0.98% |
| MAIAX | MFS Value | 0.77% |
The Bottom Line
The mutual funds listed above allow investors to invest in a large number of securities and industries. The stakes in United Technologies may be small, but big events like a CEO retirement are still important for investors to follow. Investors interested in UTX may also want to consider stocks like Honeywell (HON), General Electric (GE) and Lockheed Martin (LMT).