SOURCE: Chief Executive Magazine

June 23, 2005 08:35 ET

United Technologies' George David to Receive the 20th CEO of the Year Award From Chief Executive Magazine

Chief Executive of Connecticut-Based Giant Honored for Global Leadership, Continuing Innovation and Integrity Over More Than a Decade

MONTVALE, NJ -- (MARKET WIRE) -- June 23, 2005 -- George David, CEO of United Technologies (NYSE: UTX), will receive the Chief Executive of the Year award from Chief Executive magazine at a gala dinner at the New York Stock Exchange this evening.

Mr. David was chosen by a panel comprising corporate luminaries from across the business spectrum. Chaired by Frederick W. Smith, chairman and CEO of FedEx and the magazine's 2004 CEO of the Year, panelists included two previous CEO of the Year honorees, Sanford I. Weill of Citigroup and Herbert D. Kelleher of Southwest Airlines, as well as Michael Critelli of Pitney Bowes, Scott Serota of the Blue Cross and Blue Shield Association, Pat Russo of Lucent and Joe Tucci of EMC. The magazine's readers submitted the initial nominations.

The judges based their selection on a variety of stringent criteria, such as long-term company performance, operational excellence, global leadership, continuous innovation and integrity. The judges stressed that the choice of the United Technologies CEO was unanimous.

The magazine initiated the CEO of the Year award in 1986. Aside from Smith, Weill and Kelleher, previous winners have included Larry Bossidy, John Chambers, Michael Dell, Bill Gates, Andy Grove and Jack Welch.

Mr. David, 63, has spread strong financial discipline and lean manufacturing processes throughout United Technologies since becoming president in 1992 and CEO in 1994. He has also remained firmly committed to employee development, as evidenced by the Employee Scholar Program, which pays full tuition and fees for any college courses employees take, provides paid time off for study and, with unprecedented innovation, rewards degree recipients with up to $10,000 of UTC stock. UTC has invested $462 million in the program since its 1996 inception.

"George David has increased profits for 10 consecutive years and created billions of dollars worth of value for his shareholders," said William J. Holstein, Editor-in-Chief of Chief Executive. "He was able to achieve those kinds of returns even during some very difficult times. And in the go-go years of the late 1990s, his financial integrity was beyond reproach."

Over the 10-year period through 2004, the company's total shareholder return was 672 percent, versus 243 percent for the Dow and 212 percent for the Standard & Poor's 500. Overall market capitalization has also expanded by a huge margin over that same period, from $8.6 billion at the end of 1994 to more than $50 billion today. "A good CEO creates benefits and wealth across the board -- for employees, for shareholders, for the community and for the public at large," said Edward M. Kopko, publisher and chief executive of the Chief Executive Group. "By any definition, George David has reached all of those goals."

Based in Hartford, Conn., UTC is among America's most global enterprises, with 59 percent of sales coming from outside the United States. The company includes brand names such as Otis elevators, Carrier air conditioners, Sikorsky helicopters, Hamilton Sundstrand aerospace and industrial products, Pratt & Whitney jet engines, and UTC Fire & Security equipment. In 2004, United Technologies earned $2.8 billion, up 18 percent from the previous year, and total revenues increased 21 percent to $37.4 billion.

Chief Executive Magazine, now in its 28th year, is designed for corporate leaders who need tools and information to manage complex, global organizations. The magazine features the latest information on leadership concerns, fresh ideas, and strategies, while also covering the human side of being a CEO. Recent issues have provided in-depth analysis on topics ranging from CEO succession and diversity in the executive suite to outsourcing and globalization.

About Chief Executive

Chief Executive is a controlled circulation magazine that reaches 42,000 chief executive officers and their peers. It is published 10 times a year and reaches a total readership of 170,000. Chief Executive also organizes roundtable meetings and conferences to foster opportunities for top corporate officers to discuss key subjects and share their experiences within a community of peers. Visit for more information.

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