ITT nominates Richard P. Lavin to its Board of Directors

Thursday, 21 Feb 2013

Company also announces retirement of three board members

WHITE PLAINS, N.Y., Feb. 21, 2013 – ITT Corporation (NYSE: ITT) today announced it has nominated Richard P. Lavin to its Board of Directors. Lavin, 61, is the former group president, construction industries and growth markets, for Caterpillar Inc.

Lavin held a number of leadership positions during his nearly 30-year career with Caterpillar including chairman of Caterpillar (China) Investment Co. Ltd.; vice president, operations and manufacturing, Asia Pacific; and vice president, human services division.

"We are very pleased to welcome Richard to our Board of Directors," said Denise Ramos, chief executive officer and president. "As a successful industrial manufacturing operations executive with extensive experience in Asia, his knowledge and perspective will be powerful assets for ITT as we continue to grow this business globally."

Lavin will be nominated to the Board of Directors and be subject to shareowner approval during the company’s May 7 annual shareowners meeting, along with other nominees named in ITT’s 2013 proxy statement.

In addition, as previously announced as part of ITT’s 2011 separation plan, Markos I. Tambakeras, an ITT director since 2001, and Paul J. Kern, an ITT director since 2008, will retire from ITT’s Board of Directors, effective as of the company’s May 7 shareowners meeting. 

“Markos and Paul have provided invaluable insights to ITT, most recently through our very successful separation plan, and they provided important historical perspective to guide us through our first year as a newly focused and truly global diversified industrial company,” Ramos said. “We have benefited from their insights, and I appreciate their commitment to this company and its long-term success.”

The company also announced that Linda S. Sanford, an ITT director since 1998, will retire from the Board of Directors, effective May 7. 

“During the past 15 years, Linda has been a strong presence on our Board of Directors and has helped guide our strategies to continually drive profitable growth and create value for shareowners,” Ramos said. “I have valued her counsel and perspective, which includes a sophisticated view of information technology systems and communications, and I appreciate her commitment and many contributions to ITT.”