ITT INC. (NASDAQ:ITT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Arrangements of Certain Officers. |
On January5, 2017, ITT Inc. (the Company) announced that Luca
Savi has been named Executive Vice President and Chief Operating
Officer, effective immediately. Mr.Savi, 51, had served as
Executive Vice President and President, Motion Technologies since
November 2011.
Under Mr. Savis leadership, the Motion Technologies business has
undergone a period of significant growth in sales and
profitability. Prior to joining the Company, Mr.Savi served in a
series of roles of increasing responsibility at Comau Body
Welding at Comau, a subsidiary of the Fiat Group, including as
Chief Operating Officer from 2009 to 2011, Chief Executive
Officer of Comau North America from 2007 to 2009 and Chief
Executive Officer of Comau China from 2004 to 2007. He previously
held senior roles at Honeywell International, Royal Dutch Shell
and Ferruzzi-Montedison Group.
In connection with this role, Mr.Savis annual base salary will
increase to 477,500 (or approximately $500,000 converted at a
1.05 U.S. dollar to Euro exchange rate), his target cash bonus
will increase to 85% of his base salary and his target equity
compensation will increase to $900,000. Mr.Savi will continue to
participate in the Companys annual cash and equity incentive
compensation plans and receive other benefits that are consistent
with those disclosed in the Companys proxy statement for its 2016
annual meeting of shareholders.
In addition, on January5, 2017, the Company announced that it has
mutually agreed with Aris C. Chicles, Executive Vice President
and President, Industrial Process, that Mr.Chicles will be
resigning from his position and departing the Company. Mr.Chicles
will continue to be employed by the Company to assist with an
orderly transition of his responsibilities until on or about
March30, 2017, currently continuing in his role as Executive Vice
President and President, Industrial Process. Mr.Chicles
separation will be treated as a termination not for cause under
the terms of the Companys executive compensation plans.
| Item8.01. | Other Events. |
On January5, 2017, the Company issued a press release announcing
Mr.Savis new role. A copy of the press release is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
| Item9.01. | Financial Statements and Exhibits. |
(d) Exhibits
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ExhibitNo. |
Description |
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| 99.1 | Press Release issued by ITT Inc., dated January 5, 2017 |
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