ITT Announces Management Change, Expects to Exceed Previous Earnings Guidance
April 15 2008 - 9:12AM
Business Wire
ITT Corporation today announced that Hank Driesse, 64, is taking on
the leadership of its defense business on an interim basis. He
succeeds Steve Gaffney, 49, who has decided to leave the company to
take on a leadership role at a private equity firm. Driesse is a
veteran ITT executive, with 27 years of experience at the company,
the bulk of which was spent in the defense industry, including five
years at the helm of ITT�s defense business, the role to which he
is now returning. Under his leadership, from 2000 to 2005, Driesse
drove significant growth initiatives and operational improvements,
more than doubling the defense business revenues and tripling the
segment�s operating income. �I look forward to working closely with
Hank and our seasoned defense leaders who are focused on continuing
our strong performance,� said Steve Loranger, chairman, president
and chief executive officer of ITT. �We�ve already begun a search
to ensure that we find the right long-term candidate to take on
this pivotal role. In the meantime, Hank will take over a defense
business that is well-positioned for continued growth. Hank�s
leadership capability, strategic vision and operating discipline
are all proven factors and I couldn�t be more pleased that he is
returning to the defense business.� �ITT�s defense business is
producing strong business results year to date and is on track with
its long-term growth strategies. The group has secured a number of
new contract wins and is off to an excellent fast start with the
integration of our recent EDO acquisition,� said Loranger. �I also
want to thank Steve Gaffney for his ten years of service to ITT,
which have been marked by many important contributions,� said
Loranger. �We respect Steve�s decision and wish him continued
success in both his professional and personal endeavors.� Expects
to Exceed Previous Guidance The company also announced today that
it expects earnings per share in the first quarter of 2008 to
exceed its previously forecasted range of 80 to 82 cents per share
and it expects to exceed its previously forecasted full-year 2008
earnings per share range of $3.80 - $3.95. ITT will release its
first quarter financial results at 7:00 a.m. EDT, Friday, April 25,
2008. At 9:00 a.m. senior management will review financial and
operating results, comment on current conditions and answer
questions during an investor briefing. The briefing can be
monitored live by calling +1 212 729 5000 (ID# 39997542) or at the
following address on the company�s web site: www.itt.com/ir. A
replay of the briefing will be available on the web site, and by
phone until Friday, May 2, 2008 at 6:00 p.m. The telephone replay
is available by calling +1 800 642 1687 (ID# 39997542). About ITT
Corporation ITT Corporation (www.itt.com) is a diversified
high-technology engineering and manufacturing company dedicated to
creating more livable environments, enabling communications and
providing protection and safety. The company plays an important
role in vital markets including water and fluids management, global
defense and security, and motion and flow control. ITT employs
approximately 40,000 people serving customers in more than 50
countries. Headquartered in White Plains, N.Y., the company
generated $9 billion in 2007 sales.
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