ITT Announces New Board of Directors Appointments and $1 Billion Share Repurchase Authorization

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.”