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ITT Corporation announces key management positions for post-separation companies

4/21/2011 12:00 AM

Future Chief Financial Officers and General Counsel selected and will take office upon completion of company separation plan

  • Thomas Scalera and Burt Fealing identified as CFO and GC at new ITT
  • Mike Speetzen and Frank Jimenez identified as CFO and GC at new water company
  • Peter Milligan and Ann Davidson identified as CFO and GC at new defense company

WHITE PLAINS, N.Y., April 21, 2011 — ITT Corporation (NYSE: ITT) today announced the leaders who are expected to take the future roles of chief financial officer and general counsel and corporate secretary in the three new companies that will be formed upon completion of the Corporation's previously announced plan to spin off its defense and water businesses later this year.

Future ITT Corporation:

As previously announced, and effective upon the completion of the transaction, the new ITT Corporation will be led by ITT's current chief financial officer, Denise Ramos, 54, who will serve as its future chief executive officer. Its chairman of the board will be Frank MacInnis, 64, currently a director of ITT Corporation and the chairman and former chief executive officer of EMCOR Group, Inc.

Today the company announced that, upon completion of the transaction, Thomas Scalera, 39, is expected to serve as the company's chief financial officer; and Burt Fealing, 42, is expected to serve as the company's general counsel and corporate secretary.

Scalera is currently vice president of corporate finance for ITT Corporation. He joined ITT in 2006, as director of financial planning and analysis, was later promoted to leadership of the investor relations team and leads both of those functions in his current role. Prior to joining ITT, Scalera held technical financial reporting and financial analysis positions of increasing responsibility with Dover Corporation, R.R. Donnelley, and the Pepsi-Lipton Partnership. He began his career at PricewaterhouseCoopers, LLP. He holds a Master of Business Administration degree in finance and international business from New York University, where he graduated with distinction, and a Bachelor of Science degree in accounting from Fairfield University, in Fairfield, Conn., where he graduated magna cum laude. He is also a Certified Public Accountant in the State of Connecticut.

Fealing is currently the vice president and corporate secretary for ITT Corporation. He joined ITT in 2010, from retail grocery provider SUPERVALU INC., where he served as vice president, corporate secretary and chief securities counsel. Earlier in his career, Fealing served as assistant general counsel, finance and securities for Verizon Communications, Inc., and previously served as the general counsel for one of its subsidiary companies. He received his Juris Doctorate from Harvard Law School and earned his Bachelor of Arts degree in psychology and economics, with honors, from Williams College in Williamstown, Mass.

Future water technology business:

As previously announced, upon completion of the spinoff, the water technology businesses will become a new company to be led by Gretchen McClain, 48, currently president of ITT Fluid and Motion Control, who will serve as its future chief executive officer. Its executive chairman of the board will be Steve Loranger, 59, currently chairman, president and chief executive officer of ITT Corporation.

Today the company announced that, upon completion of the transaction, Mike Speetzen, 41, is expected to serve as the company's chief financial officer; and Frank Jimenez, 46, is expected to serve as the company's general counsel and corporate secretary.

Speetzen is currently vice president of finance for Fluid and Motion Control. He joined ITT in 2009 as vice president of finance for Fluid Technology, and his role was expanded to his current position later that year. Before joining ITT, Speetzen served as executive vice president and chief financial officer for the StandardAero division of private equity firm Dubai Aerospace Enterprise. Previously, he held positions of increasing responsibility in the finance functions with both Honeywell and General Electric. Speetzen holds a Bachelor of Science in management with an emphasis in finance from Purdue University, and a Master of Business Administration from Thunderbird's School of Global Management.

Jimenez is currently vice president and general counsel for ITT Corporation. He joined ITT in June 2009 and previously served under U.S. Presidents Bush and Obama as the general counsel of the U.S. Navy. Earlier in his career, Jimenez served as chief of staff of the U.S. Department of Housing and Urban Development (HUD). Prior to HUD, he was deputy chief of staff and acting general counsel for Florida Governor Jeb Bush. Previously, he practiced commercial and white-collar litigation as a partner in the Miami office of Steel Hector & Davis LLP (now Squire Sanders & Dempsey LLP). Jimenez received his law degree from the Yale Law School, and he holds masters' degrees in Business Administration, with majors in finance and strategic management, from the University of Pennsylvania's Wharton School and in National Security and Strategic Studies, with distinction, from the U.S. Naval War College. He earned his Bachelor of Science degree, with honors, from the University of Miami.

Future Defense & Information Solutions business:

As previously announced, upon completion of the spinoff, the Defense & Information Solutions business will become a new company to be led by David Melcher, 56, currently president of ITT Defense & Information Solutions, serving as its future chief executive officer. Its chairman of the board will be Ralph Hake, 62, currently a director of ITT Corporation and previously the chairman and chief executive officer of Maytag Corporation.

Today the company announced that, upon completion of the transaction, Peter Milligan, 43, is expected to serve as the company's chief financial officer; and Ann Davidson, 59, is expected to serve as the company's general counsel and corporate secretary.

Milligan is currently vice president and chief financial officer for ITT Defense & Information Solutions. Previously, he served as the vice president and controller for ITT's Electronic Systems business, and prior to that, led ITT's investor relations organization. Before joining ITT in 2006, Milligan was vice president of finance for AT&T, where he led the investor relations function. He began his career in public accounting at Price Waterhouse and Arthur Andersen. He holds a Master of Business Administration from New York University with a concentration in finance and economics, a Master of Science in taxation from Seton Hall University and a Bachelor in Business Administration in accounting from Hofstra University.

Davidson is currently vice president of corporate responsibility for ITT Corporation. She joined ITT in May 2007 as vice president and general counsel of ITT's Defense and Information Solutions group. Shortly thereafter she was named ITT's chief ethics and compliance officer. Prior to joining ITT, Davidson held executive, legal and ethics and compliance positions at Alliant Techsystems, Honeywell, and Parker Hannifin, in addition to Thales North America. Earlier in her career, she was in private practice with a law firm and an attorney for the U.S. Department of the Navy. She graduated cum laude from the University of Dayton's School of Law and received her bachelor's degree in political science from Ohio University.

"We couldn't be more pleased to identify these six outstanding leaders from our current executive team for key leadership roles in the new companies," said Steve Loranger, chairman, president and chief executive officer of ITT Corporation. "Our ability to make these decisions early in the separation planning process is truly a testament to the strength of our existing management bench and legacy of leadership development at ITT, and we are pleased to mark this milestone in the process of establishing three attractive new companies by the end of the year."

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.

About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company reported 2010 revenue of $11 billion. www.itt.com.

Press Contact:

Jenny Schiavone
+1 914 641 2160
jennifer.schiavone@itt.com

Investor Contact:

Thomas Scalera
tel +1 914 641 2030
thomas.scalera@itt.com

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