ITT Corp. Names Executives For Spinoff Companies

ITT Corp. named executives to head three new companies to be created when it spins off its defense and water businesses later this year.

WHITE PLAINS, N.Y. (AP) -- ITT Corp. named executives to head three new companies to be created when it spins off its defense and water businesses later this year.

ITT announced Jan. 12 that it will split into three separate, publicly traded companies.

ITT Corp. will continue to sell engineered products to aerospace, transportation, energy and industrial markets. Separately, it will spin off its water-related business and its defense and information solutions business.

The new ITT Corp. will be led by the current chief financial officer, Denise Ramos, 54, who will serve as CEO.

Its chairman of the board will be Frank MacInnis, 64, currently a director of ITT and the former CEO of EMCOR Group Inc.

The chief financial officer will be Thomas Scalera, 39, who is currently vice president of corporate finance for ITT. General counsel and corporate secretary will be Burt Fealing, 42, who is now vice president and corporate secretary.

The water technology business will be led by Gretchen McClain, 48, currently president of ITT Fluid and Motion Control, who will be CEO. Executive chairman of the board will be Steve Loranger, 59, currently chairman, president and CEO of ITT Corp.

Chief financial officer will be Mike Speetzen, 41, who is currently vice president of finance for Fluid and Motion Control. General counsel and corporate secretary will be Frank Jimenez, 46, who is now vice president and general counsel for ITT.

The Defense and Information Solutions business will become a new company led by David Melcher, 56, currently president of ITT Defense and Information Solutions.

Chairman of the board will be Ralph Hake, 62, currently a director of ITT Corp. and previously the chairman and chief executive officer of Maytag Corp.

Chief financial officer will be Peter Milligan, 43, who is now vice president and CFO for ITT Defense and Information.

The company's general counsel and corporate secretary will be Ann Davidson, 59, who is currently vice president of corporate responsibility for ITT Corporation.

The future management positions will become effective upon the completion of the spinoff transaction and final election by ITT's board of directors. ITT plans for these individuals to continue in their current roles until the separation.

ITT shares fell 31 cents to $58.69.
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