Xylem Inc. announced that its Board of Directors has appointed Steven R. Loranger as Chief Executive Officer and President, effective immediately.
Mr. Loranger was Chairman, President and CEO of ITT Corporation when it spun its water businesses off as Xylem in October 2011. He currently serves as a director of Xylem and succeeds Gretchen W. McClain, who has stepped down as President and CEO and as a director to pursue other opportunities. The Board is initiating a search for the next CEO.
“Steve is an industry veteran who is quite familiar with Xylem’s business. He knows the challenges we are facing and understands the tremendous potential of this business,” said Markos I. Tambakeras, Xylem’s Chairman of the Board. "He is well suited to provide the leadership Xylem needs to transition smoothly to the next stage of its evolution. We are determined to refine and sharpen our strategic focus in order to position the Company for growth in our dynamic industry. We are initiating a comprehensive search to identify the best candidate to serve as our CEO over the longer term.”
Mr. Tambakeras continued, “On behalf of the entire Board, I would like to thank Gretchen for her dedication and leadership as the CEO of Xylem. Gretchen has guided the Company since its spin-off from ITT and has been an important member of the Xylem management team. We wish her the very best in her future endeavors.”
Mr. Loranger said, “I am energized by the opportunity to lead Xylem during this important period as the Board conducts its search for our next CEO. I look forward to working with the Board, our management team and Xylem’s talented employees around the world to leverage the strength of all our assets to grow our business and drive stronger performance.”
About Steven Loranger
From the time of Xylem’s spin-off from ITT Corporation in October 2011, Mr. Loranger has served as a director and Chairman Emeritus of the Board of Directors in recognition of his long-standing service as the Chairman, President and Chief Executive Officer of ITT Corporation, former parent company of Xylem Inc. Mr. Loranger spent seven years leading ITT, until the spin-offs of the company’s water and defense businesses.
Prior to joining ITT, Mr. Loranger served as Executive Vice President and Chief Operating Officer of Textron, Inc. Earlier in his career he held executive positions at Honeywell International Inc. and its predecessor company, AlliedSignal, Inc.
Mr. Loranger led ITT’s creation of three standalone publicly traded companies and drove the transformation work throughout 2011, which concluded with the spin-offs of Xylem and ITT Exelis, a diversified top-tier global aerospace and defense leader. He also sits on the boards of directors of FedEx, the National Air and Space Museum and the Congressional Medal of Honor Foundation.