United Technology’s President to Retire

United Technologies Corp. announced the retirement of its president and chief operating officer, Karl Krapek, a 20-year company veteran, and did not name a replacement.

Krapek, who was named to those positions in April 1999, will retire at the end of the month, the company said. Thursday, United Technologies said it had frozen 2002 wages at five of six business units to cut costs.

The company also said that presidents of its business units, which include Pratt & Whitney jet engines, Otis elevators and Carrier air conditioners, will now report to Chief Executive George David.

Shares of United Technologies fell 51 cents to $63.84 on the NYSE.