The two new entities, which have not yet been named, will focus on water technology and, the other, defense technology and information solutions. The new structure is expected to take effect before the end of the year. Following the spin offs, ITT will remain as a standalone engineered industrial company on the NYSE.
Currently, the communications structure for ITT Corporation is headed by Angela Buonocore, SVP and CCO. Group heads, including defense, commercial and business, as well as corporate report to Buonocore, who said the current structure will stay in place until later this year.
"We have to evaluate what the budgets are going to be and what the structures are going to be," she added. "It's just too premature. Right now, we just have to work through the transition."
Buonocore confirmed that ITT works with a number of agencies, including Qorvis for defense, Edelman for corporate, and Ketchum for crisis work.
"Once the three companies are launched in their future state, we will decide the best external support for each," said Buonocore.
The heads of the two spinoff companies have been announced and start dates are slated before the end of the year. Gretchen McClain, current president of ITT Fluid and Motion Control, will take over as CEO of the water technology company. David Melcher, current president of ITT Defense & Information Solutions, will serve as future CEO of the defense business. Meanwhile, Denise Ramos, current CFO of ITT Corporation, will eventually be transitioned to the role of CEO of the new standalone engineered industrial products business.