Tambakeras, 60, has been a member of ITT’s board of directors since 2001. The former chairman, president and CEO of Kennametal Inc also serves on the board of Parker Hannifin and is a member of the boards of trustees of Arizona State University and Loyola Marymount University.
When the spin off plans were announced earlier this year, ITT said that Steve Loranger, chairman, president and CEO of ITT Corp, would serve as executive chairman of the new water company. Loranger, 59, will now serve as a member of the Xylem board of directors in the role of chairman emeritus.
“While the board of directors wanted Steve to serve as executive chairman of Xylem, he recently decided that he would prefer a different role,” explained ITT’s presiding director Ralph Hake. “We are particularly pleased that he’s agreed to serve as chairman emeritus for Xylem, a post that will maximise his ability to continue to provide leadership, strategic contribution and continuity throughout the critical first years of the company, while freeing him from the board administration and governance aspects of the executive chairman role.”
Commenting on Tambakeras’s appointment, Hake said: “Markos has been a long-standing member of our board helping to shape ITT strategy over the years. He will be a strong partner to Gretchen McClain, the future CEO of Xylem, and with his significant public company experience and industry insight, he will complement and support Gretchen and her senior leadership team as they launch the new company.”
“I’m looking forward to the next phase of my life, which will balance my desire to serve and contribute to both Xylem and ITT Exelis, while affording me the opportunity to pursue other interests as well,” said Loranger.
Loranger will continue as chairman, president and CEO of ITT Corp until the split later this year.