Hartford Business Journal

www.HartfordBusiness.com • April 20, 2020 • Hartford Business Journal 29 2020 POWER 50 Gregory Hayes A s United Technolo- gies Corp.'s chief financial officer in 2010, Gregory Hayes famously told Wall Street analysts that "Anyplace outside of Connecti- cut is low-cost," as part of a decla- ration to potentially move more of the Farmington-based conglom- erate's operations to lower-cost destinations. Those words reverberated loudly among Connecticut's political and business leaders, as many won- dered what UTC's future in Con- necticut might look like. Today, UTC no longer exists and its corporate headquarters is now in Massachusetts, following the company's recently completed $180-billion mega-merger with defense giant Raytheon. Hayes is now CEO of the new Ray- theon Technologies Corp., an aero- space and defense powerhouse. The combined company's headquarters is in Waltham, Mass., meaning Hayes from afar will be making future decisions about the company's Connecticut presence, which still remains strong with thousands of workers. Hayes has completely transformed UTC in recent years, building up its aerospace and defense business through various acquisitions and spinning off its Otis Elevator and Carrier Corp. subsidiaries. In 2014, Hayes softened his stance on the state, especially after the Malloy administration gave his company a $400-million incentive deal in exchange for UTC investing in its Connecticut facilities. Now all eyes are on how Hayes will manage his new company and its Connecticut presence in the years ahead. 7 James Loree C orporate CEOs in Connecticut aren't always involved in the local community. Stan- ley Black & Decker CEO and President James Loree has turned that notion on its head in recent years. Since taking over the New Britain hand- and power-tools maker's top job in 2016, Loree has inserted himself directly into state govern- ment's affairs, becoming a leading corporate voice on the need to re- verse Connecticut's economic and fiscal decline and create a friendlier business environment. In 2017, he joined the CEO-led Commission on Fiscal Stability and Economic Growth, which proposed major reforms aimed at jumpstart- ing Connecticut's economy, includ- ing an overhaul of the state tax code. He's also on the board of Ad- vanceCT, a nonprofit organization fo- cused on recruiting and keeping busi- nesses in the state. Most recently he was appointed to Gov. Ned Lamont's Governor's Workforce Council, which is trying to ensure Connecticut has a highly educated workforce that employers need and want. It's safe to say he has the ear of Lamont, or his top deputies, anytime he needs it. Loree's civic engagement isn't wholly altruistic. He needs to make sure his global company, which em- ploys 59,438 people worldwide and recorded $14.4 billion in revenue in 2019, has access in Connecti- cut to the talent and competitive environment it needs, especially as his company faces challenges from tariffs, currency fluctuations and, more recently, the coronavirus. Stanley earlier this month an- nounced it would be suspending any M&A activity and cutting costs, including through pay cuts and layoffs, as fears over COVID-19 have hit the company's stock hard. Still, Loree has shown he's com- mitted to keeping Stanley in the region. The company made a splash in 2018 when it opened a technol- ogy and research center in down- town Hartford and helped launch the Stanley+Techstars Additive Manufacturing Accelerator on-site to groom global startups. 8

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