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Steven Loranger Joins ITT Industries as President and CEO
Former Textron exec tapped to lead company
On June 28, 2004, Steve Loranger was named the new president and chief executive officer of ITT Industries, replacing Lou Giuliano. Giuliano, who is retiring after 16 years with the company and three years at the helm, will remain as Board chairman during a transition period that will end no later than the end of 2004. Loranger will assume the role of chairman at that time.
The 52-year-old Loranger brings a business background that fits well with ITT Industries' culture and collection of companies. Immediately prior to joining ITT Industries, he was executive vice president and chief operating officer at Textron, Inc, overseeing a $10 billion portfolio of the company's manufacturing businesses, including aircraft and defense, fluid and power systems, automotive, industrial products and components. He also oversaw the company's Six Sigma, Integrated Supply Chain and Information Technology groups.
ITT Industries employees had an opportunity to see and hear Loranger via a live video webcast on June 28. Earlier that day, investment analysts were introduced to the new CEO in a conference call and had a chance to hear his thoughts on ITT Industries.
"ITT Industries commitment to its key strategies - leadership, growth, Value-Based Six Sigma and Value-Based Product Development - is right in line with my priorities. I'm committed to continuing down this path," Loranger said on conference call. "We will have a seamless transfer. I don't see any change in the strategy."
On the same call, Giuliano added, "After an extensive search, including some very good internal and external candidates, I believe Steve is an excellent choice to lead ITT Industries. He fits virtually all our specifications for the job. He has over 20 years working in multi-industry environments and in very similar markets to ours. He has a global perspective and has had the opportunity to work in different market conditions and experience different management styles."
When asked what sets ITT Industries apart from other multi-industry companies, Loranger pointed to ITT Industries' focus on engineering excellence.
"I like the ITT Industries portfolio of businesses, which focus on strong technology differentiation in its various segments," he said. "I will look for continued growth in areas where technology and service make a difference. That's a distinctive quality of ITT Industries."
Loranger's first priorities are getting immersed in the company, reviewing the strategic plans for the various businesses, traveling extensively to get exposure to ITT Industries global footprint, and spending time with the business teams and leadership. "I plan on getting to know the team over the next several months. We're already planning the trips, and I look forward to doing a lot of listening and learning from the people who make these outstanding results possible," he said.
Away from work, Loranger spends much of his time with his wife Betsy. They have been married for 28 years and are both avid fly fishermen. Loranger is also an active pilot - he began his professional career as an officer and pilot in the United States Navy - and a dedicated do-it-yourselfer who enjoys home improvement projects.
In the community, Loranger serves on several boards, including the boards of the Aerospace Industries Association, the National Association of Manufacturers and the Congressional Medal of Honor Board.
"I am very excited to be joining ITT Industries," Loranger said. "This is a great company with an effective portfolio of market-leading businesses, a long track record of success and a passion for winning. The management team that is in place has grown earnings, revenues and cash in a tough economic environment. The numbers speak for themselves, and I believe I can bring the leadership needed to achieve significant growth into the future."
Click here to read the news release announcing Steve Loranger's selection as the CEO of ITT Industries.
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