ITT Corporation announced today it has appointed Luca Savi as president of its Motion Technologies business, reporting to Denise Ramos, chief executive officer and president.
In this role, Savi will be responsible for delivering the strategic and operating plans of ITT’s Motion Technologies business, which employs approximately 2,000 people globally and had 2010 revenues of $548 million. The business makes shock absorbers and friction materials for the global automotive and rail markets.
Savi, 45, joins ITT from Comau, a subsidiary of the Fiat Group that produces and services advanced manufacturing systems in the automotive, aerospace, heavy industry and military sectors. With more than 22 years of experience in operational, engineering and management roles, Savi most recently held several key leadership roles with Comau in Italy, China and the United States. Previously, Savi held senior roles at Honeywell International, Royal Dutch Shell and Ferruzzi-Montedison Group.
“Luca is a strong leader who has deep experience in the manufacturing and transportation industries, a strategic mindset and a track record of achieving results,” Ramos said. “In addition, his global and entrepreneurial approach will help ITT build on its strong foundation in Motion Technologies and create additional value for customers and shareowners as we grow this business globally.”
Andrew Jones, who had served as acting president, will continue as vice president of Motion Technologies’ public transportation and KONI business. In this critical role, he will help drive growth in rail and other key markets as well as the success of the KONI brand of shock absorbers and dampers.
ITT (itt.com) is a diversified leading manufacturer of highly engineered critical components and customized technology solutions for growing industrial end-markets in energy infrastructure, electronics, aerospace and transportation. 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. Founded in 1920, ITT is headquartered in White Plains, N.Y., with employees in more than 15 countries and sales in more than 125 countries. The company generated pro forma 2010 revenues of approximately $2 billion.
Investor Contact: Melissa Trombetta
P: +1 914 641 2032 / E: melissa.trombetta[.]itt.com.