Geraud Darnis, president and CEO of UTC Building & Industrial Systems, which includes the Carrier, Otis and security businesses, informed United Technologies that he will retire in January, the company said Monday.
The announcement comes four business days after UTC filed a quarterly earnings report in which UTC reported an 8 percent decline in Otis sales amid weakness in China, and downgraded profit projections for the unit.
Darnis, 55, joined UTC in 1983 at the French operations of Otis Elevator Co., which was a separate UTC division at the time. He became president of Carrier Corp. and the company’s Climate, Controls & Security business. He was named president and CEO of UTC Building & Industrial Systems in September 2013 by Louis Chênevert, the previous CEO, who retired abruptly in November.
No successor for Darnis was named.
“Throughout his 32-year tenure with UTC, Geraud has made countless contributions to our company’s success,” UTC President and CEO Gregory Hayes said in a written statement. “His leadership has resulted in a portfolio that is more focused and better positioned for future growth.”
In a proxy statement filed in March, UTC reported Darnis made $6.7 million in direct compensation in 2014. Including the value of vesting stock and the value realized from exercising options, Darnis made $12.2 million last year.
Editor’s note: An earlier version of this story misspelled Darnis’ first name in the headline.
