ITT Nominates Richard P. Lavin to Its Board of Directors
Company also announces retirement of three board members
WHITE PLAINS, N.Y. -- February 21, 2013
ITT Corporation (NYSE: ITT) today announced it has nominated Richard P. Lavin
to its Board of Directors. Lavin, 61, is the former group president,
construction industries and growth markets, for Caterpillar Inc.
Lavin held a number of leadership positions during his nearly 30-year career
with Caterpillar including chairman of Caterpillar (China) Investment Co.
Ltd.; vice president, operations and manufacturing, Asia Pacific; and vice
president, human services division.
“We are very pleased to welcome Richard to our Board of Directors,” said
Denise Ramos, chief executive officer and president. “As a successful
industrial manufacturing operations executive with extensive experience in
Asia, his knowledge and perspective will be powerful assets for ITT as we
continue to grow this business globally.”
Lavin will be nominated to the Board of Directors and be subject to shareowner
approval during the company’s May 7 annual shareowners meeting, along with
other nominees named in ITT’s 2013 proxy statement.
In addition, as previously announced as part of ITT’s 2011 separation plan,
Markos I. Tambakeras, an ITT director since 2001, and Paul J. Kern, an ITT
director since 2008, will retire from ITT’s Board of Directors, effective as
of the company’s May 7 shareowners meeting.
“Markos and Paul have provided invaluable insights to ITT, most recently
through our very successful separation plan, and they provided important
historical perspective to guide us through our first year as a newly focused
and truly global diversified industrial company,” Ramos said. “We have
benefited from their insights, and I appreciate their commitment to this
company and its long-term success.”
The company also announced that Linda S. Sanford, an ITT director since 1998,
will retire from the Board of Directors, effective May 7.
“During the past 15 years, Linda has been a strong presence on our Board of
Directors and has helped guide our strategies to continually drive profitable
growth and create value for shareowners,” Ramos said. “I have valued her
counsel and perspective, which includes a sophisticated view of information
technology systems and communications, and I appreciate her commitment and
many contributions to ITT.”
ITT is a diversified leading manufacturer of highly engineered critical
components and customized technology solutions for the energy, transportation
and industrial markets. Building on its heritage of innovation, ITT partners
with its customers to deliver enduring solutions to the key industries that
underpin our modern way of life. Founded in 1920, ITT is headquartered in
White Plains, N.Y., with employees in more than 35 countries and sales in a
total of approximately 125 countries. The company generated 2011 revenues of
$2.1 billion. For more information, visit www.itt.com.
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factors set forth in our Annual Report on Form 10−K for the fiscal year ended
December 31, 2011 and our other filings with the Securities and Exchange
Melissa Trombetta , +1 914-641-2030
Kathleen Bark, +1 914-641-2103
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