MCLEAN, Va.--(BUSINESS WIRE)--ITT Exelis (NYSE: XLS) today announced the election of five new members to its board of directors, bringing to 11 the total number of directors governing the newly independent, $5.9 billion, 21,000-employee global aerospace, defense and information solutions leader. The new directors were elected at the inaugural Exelis board meeting following the company’s separation from ITT Corporation and the initiation of regular-way trading of Exelis shares on the New York Stock Exchange under the ticker symbol “XLS.”
Exelis Chief Executive Officer and President Dave Melcher said, “We are thrilled to have such strong and talented directors to oversee our new company. With a broad range of CEO-, President- and CFO-level experience and a strong grounding in financial and operational management, the individuals appointed today are fitting additions to a company committed to augmenting a 50-year legacy of performance to create value for customers and shareholders.”
New Exelis directors elected today include:
- Herman E. Bulls, founder and chief executive officer of the public institutions group at Jones Lang LaSalle
- Patrick J. Moore, former chief executive officer, and previously the chairman and chief executive officer, of Smurfit-Stone Container Corporation and current president and chief executive officer of PJM Advisors LLC
- Mark L. Reuss, president of General Motors, North America
- R. David Yost, former chief executive officer of AmerisourceBergen Corporation
- Billie I. Williamson, Americas inclusiveness officer and an audit partner with Ernst & Young, who will join the Exelis board following her planned retirement from Ernst & Young in December
They join existing Exelis directors, who include:
- Christina A. Gold, former chief executive officer, The Western Union Company
- Ralph F. Hake, chairman of the Exelis board, and formerly the chairman and chief executive officer, Maytag Corporation
- John J. Hamre, Ph.D., president and chief executive officer, Center for Strategic & International Studies
- Paul J. Kern, senior counselor of The Cohen Group
- Steven R. Loranger, former chairman, president and chief executive officer of ITT
- David F. Melcher, chief executive officer and president of ITT Exelis
About ITT Exelis
ITT Exelis is a diversified, top-tier global aerospace, defense and information solutions company with strong positions in enduring and emerging global markets. ITT Exelis is a leader in networked communications, sensing and surveillance, electronic warfare, navigation, air traffic solutions and information systems with growing positions in cyber security, composite aerostructures, logistics and technical services. The company has a 50-year legacy of innovation and technology expertise, partnering with customers worldwide to deliver affordable, mission-critical products and services for managing global threats, conflicts and complexities. Headquartered in McLean, VA, the company employs approximately 21,000 people and generated 2010 revenue of $5.9 billion. For more information, visit www.exelisinc.com.
Forward-Looking and Cautionary Statements
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. These forward-looking statements include, but are not limited to, statements about the separation of Exelis Inc. (the “Company”) from ITT Corporation, the terms and the effect of the separation, the nature and impact of such a separation, capitalization of the Company, future strategic plans and other 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 or implied in, or reasonably inferred from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated include, but are not limited to: Economic, political and social conditions in the countries in which we conduct our businesses; changes in U.S. or International government defense budgets; decline in consumer spending; sales and revenues mix and pricing levels; availability of adequate labor, commodities, supplies and raw materials; interest and foreign currency exchange rate fluctuations and changes in local government regulations; competition, industry capacity & production rates; ability of third parties, including our commercial partners, counterparties, financial institutions and insurers, to comply with their commitments to us; our ability to borrow or to refinance our existing indebtedness and availability of liquidity sufficient to meet our needs; changes in the value of goodwill or intangible assets; our ability to achieve stated synergies or cost savings from acquisitions or divestitures; the number of personal injury claims filed against or the Company or degree of liability; our ability to effect restructuring and cost reduction programs and realize savings from such actions; government regulations and compliance therewith, including Dodd-Frank legislation; changes in technology; intellectual property matters; governmental investigations; potential future employee benefit plan contributions and other employment and pension matters; contingencies related to actual or alleged environmental contamination, claims and concerns; changes in generally accepted accounting principles; and other factors set forth in our Registration Statement on Form 10 and our other filings with the Securities and Exchange Commission. In addition, there are risks and uncertainties relating to the separation including whether those transactions will result in any tax liability, the operational and financial profile of the Company or any of its businesses after giving effect to the separation, and the ability of the Company to operate as an independent entity. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.