United Technologies Corp. on Friday announced new boards of directors for its two subsidiary companies, Carrier Corp. and Otis Elevator Co., ahead of their planned spin offs in 2020.
Farmington-based UTC announced plans to break up the company a year ago — following its $30 billion acquisition of Iowa-based aviation systems maker Rockwell Collins — so that it can focus solely on aerospace.
UTC is also in the middle of a proposed $120-billion merger with defense contractor Raytheon Corp. If the deal is approved, the combined company’s headquarters would be in Massachusetts.
Florida-based Carrier, which provides HVAC, refrigeration, fire, security and building automation systems, will have an eight-member board headed by John Faraci as executive chairman. Faraci is currently a member of UTC’s board.
David Gitlin, who was previously appointed president and CEO of Carrier, will join the board, as will current UTC director Jean-Pierre Garnier. The eight-member board will also include independent directors John Greisch, Charles Holley, Mike McNamara, Michael Todman and Virginia Wilson.
UTC quietly moved Carrier’s corporate headquarters out of Connecticut in 2018.
Meanwhile, Farmington-based Otis, which makes elevators and escalators, will have a nine-member board lead by Christopher Kearney as executive chairman. Judy Marks, who was previously appointed president and CEO of Otis, will join the board as will current UTC director Terry McGraw. Independent directors will include Jeffrey Black, Kathy Hopinkah Hannan, Shailesh Jejurikar, Margaret Preston, Shelley Stewart Jr. and John Walker.
More than 500 employees have been dedicated to preparing Otis and Carrier to operate as stand-alone companies, UTC CEO Gregory Hayes said in October.
Formations of the boards comes two months after shareholders of UTC and Raytheon overwhelmingly approved the companies’ planned merger.
UTC officials said they expect to complete the merger in the first half of next year, assuming the deal receives regulatory approvals, and UTC completes its separation from Otis Elevator Co. and Carrier Corp.
