Thursday, September 11, 2008

UTC promotes Hayes to CFO role

By Mass High Tech Staff

United Technologies Corp. reports it has appointed Gregory Hayes as its chief financial officer. Hayes, 47, will have global responsibility for Hartford, Conn.-based tech giant UTC’s (NYSE: UTX) finance functions, the company said.

Hayes ended up at UTC after the company’s 1999 merger with Sundstrand Corp., where he was vice president of finance for Sundstrand Aerospace. He then became vice president of financial planning and analysis for UTC subsidiary Hamilton Sundstrand. In 2003, he was named UTC’s controller, and in 2004 was promoted to vice president of accounting and controls. In 2006, Hayes’ responsibilities were broadened to include investor relations.

Hayes earned a bachelor’s degree in economics from Purdue University in 1982 and is a certified public accountant.

Last month, Windsor Locks, Conn.-based Hamilton Sundstrand, acquired Spanish centrifugal pump manufacturer Marelli Pumps. Located in Illescas, Toledo, Spain, Marelli Pumps supplies centrifugal pumps for the oil and chemical industries to southern Europe, the Middle East and Spain.

In 2007, Pratt & Whitney, another UTC business unit, won two separate $1 billion deals — one from the U.S. Air Force and one from the U.S. Department of Defense — for aircraft engines. Pratt & Whitney also announced plans to open a $12 million engine part testing facility in Middletown, Conn. The facility is designed to test engine parts and gear under in-flight conditions, including in simulated altitudes of up to 45,000 feet.

UTC reported a 2007 net income of $4.2 billion on revenue of $54.8 billion.