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Chief Executive Magazine Names United Technologies' George David as 'CEO of the Year'

Executive Honored for Maximizing Company's Value Over Both Long Term and in Past Year; UTC Total Shareholder Return Reached 672% in Last 10 Years, While Revenue for 2004 Increased 21% to $37.4 Billion

Chief Executive magazine today announced that George David, CEO of United Technologies Corp., has been selected as the magazine's CEO of the Year.

It was a unanimous decision from the selection panel, which was made up of seven chief executive officers and was chaired by Frederick W. Smith, chairman and CEO of FedEx and the magazine's 2004 CEO of the Year. Other panelists included two previous CEO of the Year honorees, Sanford I. Weill of Citigroup and Herbert D. Kelleher of Southwest Airlines, as well as Michael Critelli of Pitney Bowes, Scott Serota of the Blue Cross and Blue Shield Association, Pat Russo of Lucent and Joe Tucci of EMC. The magazine, whose readers submitted the initial nominations, initiated the CEO of the Year award in 1986.

"George David has increased profits for 10 consecutive years and created billions of dollars worth of value for his shareholders," said William J. Holstein, Editor-in-Chief of Chief Executive Magazine. "He was able to achieve those kinds of returns even during the most difficult years. And in the go-go years of the late 1990s, when some CEOs strayed, there was never the slightest whiff of financial irregularity."

David, 62, has spread strong financial discipline and lean manufacturing processes acquired from Japan throughout United Technologies. He has also remained firmly committed to employee development, such as with the Employee Scholar Program, which pays full tuition and fees for any college courses employees take, provides paid time off for study, and rewards degree recipients with up to $10,000 of UTC stock. UTC has invested $462 million in the program since its 1996 inception.

Over the 10-year period through 2004, the company's total shareholder return was 672 percent, versus 243 percent for the Dow and 212 percent for the Standard & Poor's 500. Overall market capitalization has also expanded by a huge margin over that same period, from $8.6 billion at the end of 1994 to more than $50 billion today. "Not many people understand what huge wealth a good CEO can create for so many people," said Edward M. Kopko, publisher and chief executive of the Chief Executive Group.

"This is a great honor and I am delighted to have been selected," David said. "UTC is the greatest company in the world, combining strong foundations in science and engineering with worldwide market leadership. Our 210,000 current employees and countless employees before them did this."

Based in Hartford, Conn., UTC is among America's most global enterprises, with 59 percent of sales coming from outside the United States. It includes brand names such as Otis elevators, Carrier air conditioners, Sikorsky helicopters, Hamilton Sundstrand aerospace and industrial products, Pratt & Whitney jet engines, and Chubb security and fire protection. In 2004, United Technologies earned $2.8 billion, up 18 percent from the previous year, and total revenues increased 21 percent to $37.4 billion.

David will be formally presented with the CEO of the year award at a dinner at the New York Stock Exchange on June 23, 2005.

About Chief Executive Magazine

Chief Executive is a controlled circulation magazine that has been published since 1977. It reaches 42,000 chief executive officers and their peers, reaches a total readership of 170,000, and is published 10 times a year. Chief Executive Group facilitates "Chief Executive of the Year," a prestigious honor bestowed upon an outstanding corporate leader, nominated and selected by a group of his or her peers. Fred Smith, Hank Greenberg, Bill Gates, John Chambers, Michael Dell and Sandy Weill are just some of the leaders who have been honored during the award's 20-year history. Chief Executive also organizes roundtable meetings and conferences to foster opportunities for top corporate officers to discuss key subjects and share their experiences within a community of peers. Visit www.chiefexecutive.net for more information.

Distributed by Market Wire