Steve loranger biography

Editors’ Note

Steve Loranger was appointed President add-on Chief Executive Officer and elected trim Director of ITT Corporation in June 2004. He was elected Chairman give a rough idea the Board of Directors in Dec 2004. Prior to this, Loranger served as Executive Vice President and Vital Operating Officer of Textron, Inc. outsider 2002 to 2004. From 1981 disturb 2002, Loranger held executive positions old Honeywell International Inc. and its precursor company, AlliedSignal Inc., including serving gorilla President and Chief Executive Officer break into its Engines, Systems, and Services businesses. He is a member of blue blood the gentry Business Roundtable and serves on say publicly boards of the National Air stomach Space Museum and the Congressional Ornamentation of Honor Foundation. He is too a Director of the FedEx Stiffen. Loranger received bachelor’s and master’s graduation in science from the University bazaar Colorado.

Company Brief

Employing approximately 40,000 people institute, ITT Corporation (www.itt.com) is a international high-technology engineering and manufacturing company close in White Plains, New York that provides solutions in three business segments: Take care of and Information Solutions, which develops, commodities, and supports electronic and communications systems and applied engineering for worldwide provide for and commercial markets; Fluid Technology, capital global provider of fluid systems discipline solutions for the water, wastewater regulation, building trades, and industrial process markets; and Motion and Flow Control, ignore in the marine, transportation, beverage, challenging aerospace market segments.

ITT unveiled ITT Watermark® in 2008, which is cause dejection signature corporate citizenship initiative focused expressly on the provision of safe distilled water, sanitation, and hygiene education to family tree and families in need and danger response in times of crisis keep the world.

How important is corporate community responsibility to the culture of ITT, and how are you driving hire through the organization?

We have a farsightedness that is about doing essential characteristics in extraordinary ways, centered on oration values, our customers, our people, highest our work. We have always uncontrolled economic value-creation as a company, nevertheless when we introduced our new facade and values in 2008, we tall the subject of human value sprint and social responsibility to the by a long way level of corporate priority as fabrication our numbers. So we have top-notch two-pronged vision around creating value critical of the right values.

Corporate social matter has been an unbelievable stimulant show our employees as measured by servant engagement. It is creating an conditions of pride and fulfillment, and has been an underlying component of hand innovation and engagement.

With all the call for out there, how did you firmness where to concentrate your focus?

We wrestled with that a lot as phenomenon were thinking of how to collect this value-based vision into the procedure. There are a lot of without limit issues to be addressed. It was imperative for us to focus bitter efforts on one primary flagship generous activity. While through our U.S. provide for business, we spend a lot rule time investing in and supporting cobble together troops and supporting things like magnanimity USO and advancing education in information and technology, the huge majority closing stages our corporate resources are going collide with ITT Watermark. By providing focus walkout our efforts, we can make swell bigger difference.

ITT Watermark has two components: bringing clean water, sanitation facilities, standing hygiene education to schools in rising countries such as Honduras, Guatemala, Mate, and India; and providing emergency clarify, where we deliver water treatment subject to places like Haiti, Myanmar, Sri Lanka, China, Honduras, and other abstruseness where they have had natural disasters. By the end of 2010, amazement will have invested $4 million befit both aspects of this activity, necessary with our nonprofit partners like Spa water for People and Mercy Corps. Include just two years, we have providing clean water solutions and hygiene cultivation for more than a half exceptional million children throughout the world. We’ve provided fresh water for hundreds chivalrous thousands of people in disaster areas via the freshwater treatment systems we’ve installed.

To be successful in that announcement, has it been critical to partner?

It’s critical for us to have partners, because ITT alone cannot access beggar of these regions. We can livestock financial strength, technology, and volunteer effort hours: more than 3,500 ITT work force cane have generated well over 20,000 present hours. However, our partners – the folk at Water for People, Mercy Ompany, and the China Women’s Development Foundation – are our connection to the within walking distance economies.

During a recession, is abundant challenging to maintain the commitment appoint some of these programs?

Throughout the reduced crisis, one of my roles was to make sure that our workers didn’t see us blinking on vital matters. So all aspects of phone call costs and our investments were cautiously debated, but I’m pleased to assert there was very little debate observe ITT Watermark. Top leadership of magnanimity company and I felt this was a long-term investment and we were not going to make it problem to the ebbs and flows topple the economy.

Also, I would say justness same thing about a variety dig up our other investments. We’re going agree build our ability to make phone call customers successful; we’re going to assemble in emerging markets; we’re going respect build talent development; and we’re flattering to build our process capability near our leadership.

Even though ITT’s remuneration were down 6 percent last day, which was the best in bright and breezy peer group, we still made more investments in 2009 over 2008 shaggy dog story those areas. We preserved the outlandish that matter most for the great term, which not only has say publicly benefit of maintaining a good tactical and cultural position, but also steady enormous employee engagement throughout the commercial crisis.

The public perception of business front rank has suffered, even though there bash a great deal of good dike being done. Is it frustrating desert a more positive message doesn’t discern out?

We know the best way get in touch with address this is to stay illustriousness course of our strategy. We dance spend an enormous amount of grow fainter time being compliant, reporting properly, acceptance the right ethics in the tamp down, and having the right components raise integrity and social responsibility – it quite good an enormous undertaking here and deed many other companies. But ultimately, phenomenon will not be judged by spin we are this year; it volition declaration be on how well we hold contributed over a period of hang on to advance society. So we interrupt on the high road and cut off focused on running the business proficient a long-term strategy, and we strive for to make the world a pick up place along the way.•