|
United Tech names prez
|
 |
April 30, 1999: 12:05 p.m. ET
Shares rise after aerospace concern appoints COO, declares stock split
|
NEW YORK (CNNfn) - United Technologies Inc., which makes everything from jet engines to elevators to helicopters, said Friday it appointed a new president and chief operating officer to head up the company, and announced it will split its stock two for one.
The Hartford, Conn.-based firm said Karl Krapek, head of its Pratt & Whitney unit, will take over as president and chief operating officer. Krapek, 50, had been executive vice president of United Technologies and succeeds George David, who will remain as chairman and chief executive.
Louis Chenevert, 41, succeeds Krapek as president of Pratt & Whitney, the aircraft engine maker. Chenevert was the unit's executive vice president.
United Technologies (UTX) also said it is planning to split its stock. In a statement released by the company's board of directors, United Technologies said it will split its common shares two for one in the form of a stock dividend. The directors also declared a regular quarterly cash dividend of 36 cents per share on the pre-split common shares.
Both the stock dividend and the cash dividend will be payable to shareholders of record at the close of business on May 7. The stock dividend will be issued May 17 and the cash dividend will be paid June 10.
The board also doubled the outstanding authorization for the repurchase of common stock in keeping with the stock split to 35.6 million shares. United Technologies has 226 million shares outstanding.
Investors liked the news on all counts, pushing United Technologies' shares up 3-3/16 to 148 in midday New York trading, close to its all-time high of 150.
|
|
|
|
|
|
United Technologies
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
