The 67-year-old divorcé plans to retire at the end of the year, ending 34 years of service with the company.
David apparently had he Midas touch, almost tripling the company’s revenues when he was there, according to UTC, Louis Chênevert, the president and chief executive officer.
He grew his own wealth to about $300 million. At least he was until handing over almost $50 million over to Marie Douglas-David, 37, in their divorce settlement.
David will remain a consultant and adviser to the Corporation for 2010. United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.
Chênevert will take over as chairman starting the first of the 2010 year.
“George has had a remarkable career,” Chênevert said. “UTC revenues have nearly tripled during his tenure as President and CEO, and total shareholder return has greatly outpaced peers and market indices. The corporation today is dramatically different than the one he joined in 1975,” Chênevert added.