Donald E. Foley Elected Senior Vice President, Treasurer & Director of Tax


ITT Industries, Inc. (NYSE: ITT) Board of Directors has elected Donald E. Foley to Senior Vice President, Treasurer and Director of Tax. Foley has been Vice President, Treasurer and Director of Tax since May 2001, and is responsible for all aspects of debt, corporate taxes and capital market transactions.

"This promotion recognizes the tremendous contribution Don makes to the success of ITT Industries," said Lou Giuliano, Chairman, President and Chief Executive Officer. "He has been extremely effective in reducing the company's debt and interest burden, and in reducing our effective tax rate. He is a valued member of the senior management team."

Foley joined ITT Industries in 1996 as Vice President and Treasurer. He assumed global tax responsibility for the corporation in 2001. Before joining ITT in 1996, Foley was Assistant Treasurer for the International Paper Company, where he helped manage the company's global expansion. In his more than 25 years of financial experience, Foley has held executive positions with diverse global manufacturers including the Mobil Corporation and the General Electric Company. Foley earned an MBA in finance from New York University and received a bachelors degree in economics from Union College, Schenectady, NY.

ITT Industries, Inc.( ) supplies advanced technology products and services in key markets including: electronic interconnects and switches; defense communication, opto-electronics, information technology and services; fluid and water management and other specialty products. Headquartered in White Plains, NY, the company generated $4.99 billion in 2002 sales.

In addition to the New York Stock Exchange, ITT Industries' stock is traded on the Midwest, Pacific, London, Frankfurt and Paris exchanges.

Source: ITT Inc.

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