McClain Steps Down as Xylem Chief After Stock Disappoints
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Gretchen McClain, the chief executive officer of water company Xylem Inc., resigned and was replaced on an interim basis by ITT Corp.’s former chairman Steven Loranger.
McClain, 50, left “to pursue other opportunities,” the White Plains, New York-based company said in a statement today. The board initiated a search for the next CEO. Xylem, whose pumps helped clear New York tunnels of Hurricane Sandy waters, was spun off from ITT in 2011.