Louis Chenevert, who shocked the corporate community by abrupting resigning as CEO and chairman of United Technologies on Monday, will depart the company owning at least $325 million of its stock.
Chenevert, who did not give a reason for his resignation, owned 2.9 million shares of the Hartford conglomerate’s stock at the time the company filed a proxy statement to shareholders in March. Based on Tuesday’s stock price of $111.72 per share, the value of Chenevert’s stock is about $325 million.
The exact dollar value of his ownership stake in the company will be whatever the price per share is when he chooses to sell his stock, if he ever does. Chenevert also was due several performance-based stock awards based on the company’s performance this year, although those bonuses might change since he stepped down as head of the company before the year.
Chenevert’s stock value comes on top of the $31 million pension he is due upon his retirement from the company, according to the filings. Officially, he has agreed to stay on as a UTC employee through the end of the year.
Chenevert earned $18.5 million in compensation last year. In addition, he received other benefits like personal use of UTC’s corporate aircraft, valued at $99,459 last year, and payments on a corporate vehicle, valued at $41,469.
UTC is the parent company for subsidiaries like East Hartford jet engine manufacturer Pratt & Whitney, Farmington air conditioning manufacturer Carrier, and Charlotte aerospace parts manufacturer UTC Aerospace.
