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ITT Industries Board of Directors Elects Louis J. Giuliano Chairman, President and Chief Executive

Washington D.C., March 6, 2001 - ITT Industries, Inc. announced February 26, 2001 that the company's Board of Directors elected Louis J. Giuliano to the position of Chairman, President and Chief Executive Officer. He succeeds Travis Engen, who is leaving the company to accept the role of President and Chief Executive Officer of Alcan, Inc., an aluminum and packaging company based in Montreal, Canada.

Giuliano assumed his new role on March 1, while Engen – currently a member of the President’s National Security Telecommunications Advisory Committee (NSTAC) -- will remain on the ITT Industries' Board of Directors through the completion of his term in May.

"Travis Engen has done an exceptional job in leading our company in its first 5 years as an independent entity," said Giuliano. "I am very enthusiastic about assuming that leadership role, building on the strong foundation that Travis and our management team have developed. ITT Industries has been transformed in dramatic ways. The company is now well positioned in a number of attractive global markets. I am confident that with our outstanding management team, we can continue to build upon the proven track record we have established in the last few years."

Engen will assume his new position at Alcan on March 12. "The decision to leave was not easy," said Engen. "But it was made easier by the company's strong position and the confidence I have in Lou Giuliano and the entire management team at ITT Industries. I'm proud of what we have accomplished these last few years and I believe the company has excellent prospects going forward. Lou and I have worked together for 22 years, and I know he'll do an outstanding job."

Giuliano, 54, joined ITT in July 1988 as Vice President of Defense Operations at ITT Defense after a 19-year career at Allied-Signal. He served as President and Chief Executive of ITT Industries' Defense and Electronics businesses and Senior Vice President of ITT Industries for 8 years. During that time, the unit's businesses entered new, rapidly growing markets and realized consistent sales and margin improvements.

Giuliano was named President and Chief Operating Officer of ITT Industries, Inc. in October 1998. In this role, he has been responsible for the ongoing operations at the company and has played a key role in improving the company's operating performance leading to stronger margins and higher cash flow. Most recently he has led the company's Value Based Six Sigma introduction, a program designed to streamline processes and increase operating effectiveness throughout the company.

Giuliano is a graduate of Syracuse University with a Bachelor of Science Degree in chemistry, and a Master of Business Administration in marketing.

ITT Industries, Inc. is a global, multi-industry company with leading positions and advanced technologies in its served markets. The company reported revenues of $4.8 billion in 2000 from its four segments: Connectors and Switches, Defense Products and Services, Pumps and Complementary Products, and Specialty Products. ITT Industries employs approximately 38,000 people around the world.

(Courtesy of ITT Industries)

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