ITT Announces New Board of Directors Appointments and $1 Billion Share Repurchase Authorization
04 Outubro 2023 - 5:30PM
Business Wire
October 4, 2023-- ITT Inc. (NYSE: ITT) today announced the
election of Nazzic Keene and Kevin Berryman to its Board of
Directors. The company also announced that its Board of Directors
approved a $1 billion share repurchase authorization with an
indefinite term. Repurchases under this authorization will begin
upon the expiration of the current $500 million authorization.
“We are delighted to appoint to the ITT Board two highly
respected, results-driven leaders with long track records of
success,” said ITT Chairman of the Board, Timothy H. Powers. “These
appointments demonstrate our stated commitment to board refreshment
and represent an important step in the continued evolution of
director capabilities and skillsets to remain aligned to the
strategic and financial direction of ITT.”
“Nazzic brings broad public company experience as CEO of a
multi-billion-dollar global organization. She has a demonstrated
history of driving growth and change as CEO of SAIC and extensive
experience working with its board,” said ITT Chief Executive
Officer and President Luca Savi.
“Kevin brings extensive financial and operational experience on
a global scale, having served as President and Chief Financial
Officer of Jacobs Solutions for the last eight years. His expertise
in all aspects of strategy and financial operations will be an
invaluable addition to ITT. Both individuals are experienced public
company directors, and also bring deep merger and acquisition and
integration experience, which will help ITT execute on its capital
deployment objectives,” concluded Savi.
The appointment of Mr. Berryman is effective as of Oct. 3, 2023,
and the appointment of Ms. Keene is effective as of Oct. 6, 2023.
The Board also appointed Mr. Berryman to the Company’s Audit
Committee and appointed Ms. Keene to the Nominating and Governance
Committee, effective at the time of their elections.
Share Repurchase Authorization
Speaking on the new $1 billion share repurchase authorization,
Savi commented, “Today’s announcement provides us the flexibility
to continue to prudently build on ITT’s share repurchase activity.
Since 2019, we have deployed over $500 million to repurchases of
ITT shares, reducing the weighted-average outstanding share count
by more than 6% over this time. The repurchase plan is aligned to
ITT’s long-term capital deployment priorities and allows our
shareholders to benefit from the robust balance sheet and strong
financial position of the company.”
About Nazzic Keene
Nazzic Keene retired on Oct. 2 from her position as CEO of
Science Applications International Corporation (SAIC), which she
held since 2019. SAIC is a $7 billion, Fortune 500, technology
integration company serving our nation’s defense, space, civilian
and intelligence markets delivering high-end solutions in
engineering, digital, artificial intelligence and mission
solutions. Prior to this role, Nazzic was Chief Operating Officer
and before that, President, Global Markets & Missions, both at
SAIC.
Nazzic has extensive public company board experience as part of
SAIC and as a board member of Automatic Data Processing, Inc. (ADP)
which she joined in 2020 and where she serves as a member of the
Audit Committee and Corporate Development and Technology Advisory
Committee. Nazzic received her Bachelor of Science in Business
Administration at the University of Arizona in Tucson, Arizona.
About Kevin Berryman
Kevin Berryman was most recently the Chief Financial Officer of
Jacobs Solutions Inc., a Fortune 500, $15 billion global technical
services company, specializing in engineering, design and
consulting that operates in over 50 countries and has over 60,000
employees worldwide. As CFO, Kevin was responsible for leading all
aspects of strategy and financial operations at Jacobs, and he
continues as a special advisor to the company today. Prior to this
role, Kevin was Chief Financial Officer of International Flavors
and Fragrances, Inc., a $3 billion global manufacturer of flavors
and fragrances to consumers in over 100 countries worldwide.
Kevin is also a member of the board of directors of Sealed Air
Corporation, where he serves as a member of the Audit Committee and
Organization and Compensation Committee. He received his Bachelor
of Arts in Economics from Occidental College, and an MBA in Finance
and Marketing from the University of California in Los Angeles.
About ITT
ITT is a diversified leading manufacturer of highly engineered
critical components and customized technology solutions for the
transportation, industrial, and energy markets. Building on its
heritage of innovation, ITT partners with its customers to deliver
enduring solutions to the key industries that underpin our modern
way of life. ITT is headquartered in Stamford, Connecticut, with
employees in more than 35 countries and sales in approximately 125
countries. For more information, visit www.itt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231005523068/en/
Media: Phil Terrigno +1
914-641-2143 phil.terrigno@itt.com
Investors: Mark Macaluso +1
914-641-2064 mark.macaluso@itt.com
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