CEO George David Will Pass Top UTC Jo...

CEO George David Will Pass Top UTC Job To Successor -- Layoffs ...

There are 92 comments on the Hartford Courant story from Apr 5, 2008, titled CEO George David Will Pass Top UTC Job To Successor -- Layoffs .... In it, Hartford Courant reports that:

Last fall, in an interview with New York magazine, a former Citigroup executive called George David "a rock star." For many people on Wall Street, the outgoing chief executive of United Technologies Corp.

Join the discussion below, or Read more at Hartford Courant.

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Sure

United States

#1 Apr 6, 2008
Move more American jobs overseas and avoid more US taxes. Great for shareholders. Doom for America. More hard times for USA.
DOGMA

Newington, CT

#2 Apr 6, 2008
If George David is perceived by Rock Star status, it is a measure assigned him by the media and those that fall under the sullied influence of money. Wall Street and others will succumb to the bottom line (however reached).
In many ways, this should aptly define who David is and the negative influences he nurtured and maintained while producing a positive end result (end always justifies the means principle). The Corporation has grown, but how and at what cost?
Essentially, David has applied the Wal-Mart “bottom-down” ethics towards inflating the quarterly targets. Managers were always glancing at the end-quarter numbers (it became a game of manipulated numbers) as their personal standing (and bonuses) depended upon it. They resorted to cutting corners (and costs) in any manner possible (ethical or otherwise). As the "standard and leaders” within their industries, they proceeded to skimp in every imaginable area: from not paying their salaried workers for mandatory overtime, not paying their bills for material and supplies, increasing their supplier base and then squeezing them in an all out effort to cut costs. Once having provided the best benefits, as the standard bearers, they now provide substandard medical coverage (predicated on greed). UTC has entered into a Spartan mentality in an effort to satisfy the insatiable Gods of Wall Street and a return to the Golden Age. That is the "new and cheaper" standard that required no "leadership" magic or even creative skill sets.
For this he has rewarded himself (cheap with others - lavish with self) through a compliant Board and (even now) reaps the "status" of a Rock Star by some. He is not. His talents are more suited towards managing a parasitic flea market (perhaps his next career move).
ewk

Brooklyn, CT

#3 Apr 6, 2008
This man should be ASHAMED of himself. I have watched UTC downsize with decent hardworking Americans losing their jobs. Those left at UTC working like dogs doing the work of 5 people to compensate for the lost workforce and this guy and his elite cronies get MILLIONS in bonuses and compensation. GEORGE DAVID is a stunning example of what is grossly wrong in America. I don't blame him for keeping a low profile---he should just plain be ASHAMED
Sure

United States

#4 Apr 6, 2008
David no "rock star"--He is a little "SOCIOPATH" ala that clown Donald Trump and Jack Welsh and most CEOs in corporate America. Red China will and is taking over because of people like him... I would not debase myself meeting with that insect.
george

North Kingstown, RI

#5 Apr 6, 2008
ewk wrote:
This man should be ASHAMED of himself. I have watched UTC downsize with decent hardworking Americans losing their jobs. Those left at UTC working like dogs doing the work of 5 people to compensate for the lost workforce and this guy and his elite cronies get MILLIONS in bonuses and compensation. GEORGE DAVID is a stunning example of what is grossly wrong in America. I don't blame him for keeping a low profile---he should just plain be ASHAMED
Please, having a job at UTC is like working for the state...
I know employees who get all the overtime they want with no restrictions, I know employees who tell me they don't work hard at all, I know employees who make more money per hour then most average Ct. workers, they have plenty of time off and the union wonders why jobs are going overseas..
I never want to hear "poor utc workers " again !
Disgusted

Harwinton, CT

#6 Apr 6, 2008
David is a classic Pseudo-American scumbag. His only allegiance is to himself and wealthy shareholders. Only 35% of UTC jobs are in the USA: I suggest that the company should be considered a foreign entity and taxed at triple rates. And why not? David works hard to exempt UTC from paying its fair share of taxes (and his own as well). Such men are responsible for the gutting of the middle class, the destruction of American manufacturing, the rise of war mongering, and the decline of our great country, all so that they can have more gold under their bed. In a just world, David and other pigs of his ilk would spend the rest of their lives in prison. Glorifying such filth and overlooking his crimes against humanity is typical Courant drivel.
carol

United States

#7 Apr 6, 2008
george wrote:
<quoted text>
Please, having a job at UTC is like working for the state...
I know employees who get all the overtime they want with no restrictions, I know employees who tell me they don't work hard at all, I know employees who make more money per hour then most average Ct. workers, they have plenty of time off and the union wonders why jobs are going overseas..
I never want to hear "poor utc workers " again !
Once again we have fallen victim to "begging for crumbs" somehow UTC made all that money, and it wasn't George David and his management team. It was those UTC workers who day in and day out worked. Workers are constantly being pitted against one another for crumbs.
Lucas

Newington, CT

#8 Apr 6, 2008
Rock Star My Ass!

I've put in 23 years at UTC as a capable engineer, and the fact I survived a 50% cut in the work force proves it.

I'm not for organized labor or George David. So I don't know where I fit there.

The bottom line is this man shares NOTHING. The rank and file that he demands the world of and we deliver,
has no profit sharing as he rakes in 10's of millions a year.

A real boss shares and builds a community. This guy built communities in other countries while Americans provided the technology and he got rich.

The ONLY reason why David and his cronies have a leather portfolio of world beating products is the engineering rank and file and the production workers put it there.

Any Questions?
Remember Harry Gray

United States

#9 Apr 6, 2008
Notice UTC never had pollution fines till after John Rowland was out of office...Remember Harry Gray hired Rowland as a consultant to sell software which Rowland had no clue....Hope the Feds really dig into all this after Bush is gone...That is why nothing happened so far. George David is a "skid mark" on used underwear in the true sense.
curious

Singapore, Singapore

#10 Apr 6, 2008
Lucas wrote:
Rock Star My Ass!
I've put in 23 years at UTC as a capable engineer, and the fact I survived a 50% cut in the work force proves it.
I'm not for organized labor or George David. So I don't know where I fit there.
The bottom line is this man shares NOTHING. The rank and file that he demands the world of and we deliver,
has no profit sharing as he rakes in 10's of millions a year.
A real boss shares and builds a community. This guy built communities in other countries while Americans provided the technology and he got rich.
The ONLY reason why David and his cronies have a leather portfolio of world beating products is the engineering rank and file and the production workers put it there.
Any Questions?
If UTC's senior management is not sharing profits equitably among senior managers, rank&file and shareholders...why do capable people chose to stay with the organization for so many years instead of leaving?
DDG

Newington, CT

#11 Apr 6, 2008
King George David instituted cost measures designed to pierce the bone. These "savings" were greatly off-set by miss-management and the loss of required skills. His real claim to fame was found in off-loading a substantial amount of work overseas, attracted by lowest cost environments and tax considerations. Meanwhile, on the home front, he requires (demands) substantial personal sacrifices from countless others to earn his "bonuses".
He like most other "successful" executives, purchases their affection after sacrificing scores of others on the altar of the New York Stock Exchange.
George David is nothing if not a megalomaniacal opportunist and leads thru the ability of others to sacrifice without end.
Perhaps, in the final analysis, that will become his “cross” to bear.
Lucas

Newington, CT

#12 Apr 6, 2008
curious wrote:
<quoted text>
If UTC's senior management is not sharing profits equitably among senior managers, rank&file and shareholders...why do capable people chose to stay with the organization for so many years instead of leaving?
Because I don't want to ring a cash register at Wal-Mart. The other occupation CT has to offer.

Maybe when local government gives tax incentives to big industry to come to CT educated, hard working people will have a choice. The only incentive given by this state is to casino gaming, also rank with graft.

Any Questions?
To Crazy

Litchfield, CT

#13 Apr 6, 2008
Is he really worth what he is paid?
How much is enough for one person to earn?
I have and never will have any concept of the money this guy earns.

Spread the wealth "Rock Star"!
utc employee

Enfield, CT

#14 Apr 6, 2008
As an employee of UTC I thank god for him as a CEO, I started from the bottom, went back to school on the UTC scholar program and is doing well. Yes he is paid lots of money but if the company doesn't make money then how do they stay in business.
Chris M

Woodbridge, CT

#15 Apr 6, 2008
I, too, am a UTC engineer, and starkly contrast Lucas' viewpoint.

David is (was) CEO of a huge multinational, so of course he's going to make millions. But compare his compensation with what his peers got, and he's a bargain.
As far as "all those workers" earning David his pay... please. Walk through the shop and all I see are fat union slobs complaining about all the things they don't get instead of shutting their mouths and WORKING! Maybe if Parent and his crew could figure that out UTC would stop shipping their $35/hour jobs elsewhere. Gone are the days where simply putting your time in is enough. We live in a global economy folks - of course David's going to be focused on delivering shareholder value - that's his job! And oh BTW - every union worker's 401k and pension are now beefed up by David's 800% increase in revenues. But of course - that's not enough, either. It's always about how the company screwed you... what a sorry, miserable existence you people live. Try taking a little responsibility for your own futures instead of blaming everyone else.
Matt

Gales Ferry, CT

#16 Apr 6, 2008
Chris M wrote:
I, too, am a UTC engineer, and starkly contrast Lucas' viewpoint.
David is (was) CEO of a huge multinational, so of course he's going to make millions. But compare his compensation with what his peers got, and he's a bargain.
As far as "all those workers" earning David his pay... please. Walk through the shop and all I see are fat union slobs complaining about all the things they don't get instead of shutting their mouths and WORKING! Maybe if Parent and his crew could figure that out UTC would stop shipping their $35/hour jobs elsewhere. Gone are the days where simply putting your time in is enough. We live in a global economy folks - of course David's going to be focused on delivering shareholder value - that's his job! And oh BTW - every union worker's 401k and pension are now beefed up by David's 800% increase in revenues. But of course - that's not enough, either. It's always about how the company screwed you... what a sorry, miserable existence you people live. Try taking a little responsibility for your own futures instead of blaming everyone else.
Outstanding post! I echo its "work your ass off to get ahead" sentiment.

To all of you complainers--you are entitled to nothing where a job is concerned. You don't even have the "right" to have a job.

If you don't like capitalism, then don't live in a capitalist country. Go get one of UTC's jobs overseas where your socialist/collectivist rhetoric would be welcome.

Regarding the complaints about Mr. David--you people should have the mindset of "that's the kind of success I want to achieve, and I'll work hard to get it" rather that "evil capitalist swine responsible for all of the bad things in the world and oh, by the way, can I have some of your money?"

Buncha lazy whiners.
Lucas

Newington, CT

#17 Apr 6, 2008
Chris M wrote:
I, too, am a UTC engineer, and starkly contrast Lucas' viewpoint.
David is (was) CEO of a huge multinational, so of course he's going to make millions. But compare his compensation with what his peers got, and he's a bargain.
As far as "all those workers" earning David his pay... please. Walk through the shop and all I see are fat union slobs complaining about all the things they don't get instead of shutting their mouths and WORKING! Maybe if Parent and his crew could figure that out UTC would stop shipping their $35/hour jobs elsewhere. Gone are the days where simply putting your time in is enough. We live in a global economy folks - of course David's going to be focused on delivering shareholder value - that's his job! And oh BTW - every union worker's 401k and pension are now beefed up by David's 800% increase in revenues. But of course - that's not enough, either. It's always about how the company screwed you... what a sorry, miserable existence you people live. Try taking a little responsibility for your own futures instead of blaming everyone else.
See If he shares a little caviar at his retirement bash...

I heard he's trying to get the Rolling Stones to play the gig for free...After all, he's earned it!

LOL
Nofan

Spartanburg, SC

#19 Apr 6, 2008
"Jim Cramer, the excitable, baseball bat-wielding host of CNBC's "Mad Money" stock advice show,"

Why would anyone take financial advice from a guy that looks like Bozo and acts like Clarabell?
Lucas

Newington, CT

#20 Apr 6, 2008
Wow,

You guys relly missed my point, so I'll repeat it -

I'm sure not for organized labor and I'm not for robber baron CEO's. You've got a spoiled brat at each end of the bargaining table.

The ones in Detroit ruined their own industry for greed. Nobody running a corporation that looses $54 billion a year (Like GM) deserves the job.

To David's credit, he posts a good balance sheet.

But my point is he didn't do it alone. All of us that work there did it together, and he gets all the money. We get a raise level with or behind inflation, depending on fuel costs.

He could easily incorporate a profit sharing plan. The 401K is a calculated risk, and it's not tangible cash for living. Profit sharing is. When the market is down, so is your 401K.

No I'm not complaining, just raising a family here in CT.

And when you're George David making $60-80 million a year off the backs of UTC's enormous talent pool, what could be your problem?

Yeah, I earned my M.S. on their scholar program in 1995. And at UTC, an M.S. or MBA is more of a condition of professional employment, not a promotable asset.

If you demand the best people an economy can provide, and their work gives you an $80 million income, then those workers deserve a lot more than George David feels is appopriate.

But compared to ringing a cash register at Wal-Mart, the average UTC job is a king's ransom.

“Hang up the Phone in the Zone!”

Since: Nov 07

United States

#21 Apr 6, 2008
I want to chime in here. Organized labor was necessary back at the turn of the last century when workers were maimed and/or killed on the job. They needed protection. Now, I do nothing but argue with the union hardliners. Some of their policies and procedures are ridiculous and archaic. Workers are much more educated now then ever before. I firmly believe that if unions started to let up on their silliness most manufacturing jobs would stay here in the good ol' USA.

Now, with that being said. The SUV crazed basically saved the American car industry. If anyone took notice, no one built heavy trucks like the Big 3. When they dominated the market did the foreign makers hop on the band wagon. Only recently, Toyota maybe can compete in the pick up market along with Ford and Chevy!

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