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WHITE PLAINS, N.Y., Dec. 7 /PRNewswire-FirstCall/ -- The Board of
Directors of ITT Industries, Inc. (NYSE: ITT) today elected the company's
President and Chief Executive Officer Steven R. Loranger to the position of
Board Chairman. Loranger replaces Lou Giuliano in this capacity, who earlier
this year retired as ITT's President and Chief Executive Officer. Loranger's
election completes the corporate succession plan announced in February.
Giuliano will remain on the ITT Industries Board until December 31, after
which, in addition to Loranger, there will be eight other Board members.
(Photo: http://www.newscom.com/cgi-bin/prnh/20041207/NYTU009 )
Loranger, 52, was named President and Chief Executive Officer and elected
to the Board of Directors of ITT Industries in June of this year. Immediately
prior to that, he was Chief Operating Officer of Textron, Inc., having joined
that company in 2002 after a 23-year career at Honeywell.
Today's Board action concludes Giuliano's successful 16-year career with
ITT Industries and its predecessor company ITT Corporation. He joined the
company in 1988 in the Defense Electronics & Services business, and was named
its president in 1993. He was named President and Chief Operating Officer of
ITT Industries in 1998, and became Chairman and Chief Executive Officer in
"Lou's focus on creating value and customer service, his leadership, sound
business judgment and personal integrity have left an indelible imprint on ITT
Industries, and have certainly left us in a stronger position from which to
continue growing the company," Loranger said. "During Lou's tenure, the
company established an industry-leading track record of total shareholder
return and organic growth. Most impressive among his accomplishments was the
implementation of Value-Based Six Sigma, a process improvement initiative now
incorporated in our worldwide operations. Lou's relentless pursuit of
excellence proved contagious, a lasting inspiration for thousands of ITT
employees worldwide, and is most evident in the company's strong financial and
operational performance. While we will all miss the regular contact with Lou,
everyone at ITT Industries extends to him and his family our very best
Loranger is a Phi Beta Kappa graduate of the University of Colorado, where
he earned Bachelors and Masters degrees in science. Loranger served as an
officer and pilot in the United States Navy from 1975 to 1981. He is a member
of the Business Roundtable and serves on the boards of the National Air and
Space Museum and the Congressional Medal of Honor Foundation.
About ITT Industries: ITT Industries, Inc. (http://www.itt.com) is a $6
billion global multi-industry company based in White Plains, NY. ITT supplies
advanced technology products and services in key markets including: fluid and
water management including water treatment; defense communication, opto-
electronics, information technology and services; electronic interconnects and
switches; and other specialty products. In addition to the New York Stock
Exchange, ITT Industries stock is traded on the Midwest, Pacific, London,
Paris and Frankfurt exchanges.
SOURCE ITT Industries, Inc.