Gray to Quit as Head of United Technologies

Harry J. Gray, the man who built United Technologies Corp. into a diversified conglomerate through a series of acquisitions, said Monday that he will retire as chairman of the company at year-end.

Gray’s retirement had been a subject of speculation since he gave up control of day-to-day operations at UTC in February.

Robert F. Daniell, president and chief executive of Hartford, Conn.-based UTC since January, replaced Gray then and will become chairman when Gray retires, UTC said in a prepared statement.

Gray, 66, will continue to serve as a director and chairman of its finance committee.

“United Technologies stands today as a healthy, vibrant business entity, one that possesses managerial, technical and human resources which will be needed to face the increasingly competitive challenges,” Gray said in the statement.

Gray joined United Aircraft Corp., the predecessor to UTC, in September, 1971, as president and chief administrative officer. He was elected chief executive a year later. He became UTC chairman in 1974.

Under Gray’s leadership, UTC grew from a $2-billion aerospace company to a diversified $16.3-billion conglomerate and a leading defense contractor. UTC now ranks 16th on the Fortune 500 list of the nation’s biggest industrial companies.

Gray made several unsuccessful attempts at choosing a successor before settling on Daniell. One notable, Gen. Alexander Haig, parted from the company on good terms with Gray. But attempts to train Edward Hennessy and then Robert Carlson for the helm ended in bitter board room feuds.

Daniell, 52, praised Gray for his “remarkable vision and outstanding business sense that have proved cornerstones in building our great company.”

UTC’s subsidiaries include Sikorsky helicopters, Carrier air conditioners, Pratt & Whitney jet engines and Hamilton Standard, which produces space suits and other products for the nation’s space program.