Farmington’s Otis Elevator Co. on Monday named a new finance chief as it prepares to separate from United Technologies Corp. (UTC) in 2020.
Otis, the largest maker of elevators, escalators and moving walkways, says Rahul Ghai, a former vice president of financial planning at Aetna and UTC, has replaced Mark George as its new chief financial officer.
Ghai most recently served as senior vice president and CFO of Florida-based defense contractor Harris Corp., and vice president of financial planning and treasury at Hamilton Sundstrand, now known as UTC subsidiary Collins Aerospace.
He also served as manager of financial planning for another UTC subsidiary, Carrier Corp., which moved its headquarters from Farmington to Florida last year.
Otis, which generated $3.3 billion in sales during the second quarter, said Ghai has experience in numerous financial functions, including investor relations, accounting, internal audit, and has managed and negotiated several mergers and acquisitions.
The company said his background bodes well as it remains on track to spin off from UTC — which is planning to merge with Mass.-based Raytheon Co. next year — and become an independent company in the first half of 2020.
“Rahul has joined us at a pivotal time as we prepare to drive growth and shareowner value as a stand-alone company,” said Otis CEO and President Judy Marks. “He has outstanding public company leadership experience, and brings to Otis a deep understanding of the needs and expectations of the investor community.”
Other UTC divisions have also made C-suite changes as the company looks to create an aerospace and defense giant with Raytheon headquartered in Greater Boston.
On Friday, Carrier, a maker of HVAC, refrigeration, fire, security and building automation equipment, announced that Timothy McLevish will become its new CFO on Oct. 1.
East Hartford jet-engine maker Pratt & Whitney, meantime, in June named Christopher T. Calio as president in place of the retiring Robert L. “Bob” Leduc.
Last week, UTC CEO and Chairman Gregory Hayes at a conference in Laguna Beach, Calif., touted its proposed $120 billion tie-up with Raytheon, adding that about 600 consultants in Farmington are working on separating the 85-year-old conglomerate.
The U.S. Defense Department has said it does not plan to intervene with the pending UTC-Raytheon mega-merger. Shareholders from both companies are scheduled to vote on the deal on Oct. 11.
“A lot of work is going on, and a lot of spending is going on,” Hayes told the audience.
