impeller.net The Online Pump Magazine

14.10.2011

ITT Announces Board Members for Xylem and ITT Exelis

ITT Corporation announced the members of the boards of directors for Xylem Inc. and Exelis Inc., which will also be known as ITT Exelis, the two new publicly traded companies that will result from the previously announced separation of ITT, expected to occur on October 31, 2011.

To comply with certain laws and regulations, including New York Stock Exchange rules, Xylem and ITT Exelis will each appoint an independent director.

Steve Loranger, chairman, president and chief executive officer of ITT said, “We are thrilled to have such strong and talented boards of directors to oversee ITT, Xylem and ITT Exelis. Each company will be led by experienced professionals from diverse backgrounds with proven track records of execution. We are confident that under their leadership all three companies will be well-positioned to drive growth and deliver significant value to all of our shareholders.”

Xylem
Xylem is expected to have a board that includes the following directors:

  • Curtis J. Crawford, president and chief executive officer, XCEO, Inc., and an ITT Director since 1996

  • John J. Hamre, Ph.D., president and chief executive officer, Center for Strategic & International Studies, and an ITT Director since 2000

  • Victoria D. Harker, chief financial officer and president of global business services, AES Corporation

  • Sten E. Jakobsson, former president and chief executive officer, ABB Sweden

  • Steven R. Loranger, who will become chairman emeritus of Xylem effective upon the completion of the spinoffs and who is currently chairman, president and chief executive officer of ITT. Mr. Loranger has been an ITT director since 2004

  • Edward J. Ludwig, chairman and former chief executive officer, Becton, Dickinson and Company

  • Gretchen W. McClain, who will serve as chief executive officer and president of Xylem and who is currently a senior vice president of ITT and president, ITT Fluid and Motion Control

  • Surya N. Mohapatra, Ph.D., chairman, president and chief executive officer, Quest Diagnostics Incorporated, and an ITT Director since 2008

  • Markos I. Tambakeras, who will become chairman of Xylem effective upon the completion of the spinoff and who is formerly the chairman, president and chief executive officer, Kennametal, Inc. Mr. Tambakeras has been an ITT director since 2001
Each of the directors has been appointed to take such position effective immediately upon completion of the spinoff, with the exception of McClain, who is currently on the board and Crawford, who will become a director after market close on October 12.

ITT Exelis
ITT Exelis is expected to have a board that includes the following directors:
  • Herman E. Bulls, founder and chief executive officer of the public institutions group at Jones Lang LaSalle

  • Christina A. Gold, former chief executive officer, The Western Union Company, and an ITT director since 1997

  • Ralph F. Hake, who will become chairman of ITT Exelis effective upon the completion of the spinoff and who is formerly the chairman and chief executive officer, Maytag Corporation, and an ITT director since 2002

  • John J. Hamre, Ph.D., president and chief executive officer, Center for Strategic & International Studies, and an ITT Director since 2000

  • Paul J. Kern, senior counselor of The Cohen Group, and an ITT director since 2008

  • Steven R. Loranger, who is currently chairman, president and chief executive officer of ITT, and an ITT director since 2004

  • David F. Melcher, who will serve as chief executive officer and president of ITT Exelis and who is currently a senior vice president of ITT and president of ITT Defense and Information Solutions

  • Patrick J. Moore, former chief executive officer, and previously the chairman and chief executive officer, of Smurfit-Stone Container Corporation and current president and chief executive officer of PJM Advisors LLC

  • Mark L. Reuss, president of General Motors, North America

  • Billie I. Williamson, Americas inclusiveness officer and an audit partner with Ernst & Young

  • R. David Yost, former chief executive officer of AmerisourceBergen Corporation

Bulls, Moore, Reuss and Yost have agreed to serve as directors of ITT Exelis and are expected to be appointed shortly after the spinoff. Williamson has agreed to serve as a director of ITT Exelis and is expected to join the ITT Exelis board following her planned retirement from Ernst & Young in December. The remaining directors have been appointed to take such position effective immediately upon completion of the spinoff, with the exception of Melcher, who is currently on the board and Gold, who will become a director after market close on October 12.

New ITT
The board of directors of ITT s core industrial business that is continuing under the ITT name was previously announced on October 5, 2011, and will include the following directors:
  • G. Peter D’Aloia, former senior vice president and chief financial officer, American Standard Companies, Inc., who will become an ITT director effective upon completion of the spinoffs

  • Donald DeFosset, Jr., former chairman, James Hardie Industries N.V., who will become an ITT director effective upon completion of the spinoffs

  • Christina A. Gold, former chief executive officer, The Western Union Company, and an ITT director since 1997

  • Paul J. Kern, senior counselor of The Cohen Group, and an ITT director since 2008

  • Frank T. MacInnis, chairman of the ITT board, former chief executive officer, EMCOR Group, Inc., and an ITT director since 2001

  • Denise L. Ramos, who will serve as ITT’s chief executive officer and president and who is currently ITT’s chief financial officer

  • Linda S. Sanford, senior vice president, Enterprise Transformation, IBM, and an ITT director since 1998

  • Markos I. Tambakeras, former chairman, president and chief executive officer, Kennametal, Inc., and an ITT director since 2001


Source: ITT Corporation

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