WHITE PLAINS, N.Y. - April 15, 2008 - ITT Corporation (NYSE: ITT) 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) supplies advanced technology products and services in several growth markets. ITT is a global leader in water and fluid transport, treatment and control technology. The company plays a vital role in international security with communications and electronics products; space surveillance and intelligence systems; and advanced engineering and services. It also serves a number of growing markets—including marine, transportation and aerospace—with a wide range of motion and flow control technologies. Headquartered in White Plains, N.Y., the company employs approximately 40,000 people and generated $7.8 billion in 2006 sales.

Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 ("the Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated by the Company include general global economic conditions, decline in consumer spending, interest and foreign currency exchange rate fluctuations, availability of commodities, supplies and raw materials, competition, acquisitions or divestitures, changes in government defense budgets, employment and pension matters, contingencies related to actual or alleged environmental contamination, claims and concerns, intellectual property matters, personal injury claims, governmental investigations, tax obligations, and changes in generally accepted accounting principles. Other factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Forward-Looking Statements in the ITT Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and other of its filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:
Andy Hilton
+1 914 641 2160
andy.hilton@itt.com

Back to Previous