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STAMFORD, Conn. - ITT Inc. (NYSE: ITT), a diversified manufacturer of engineered critical components and customized technology solutions, has nominated Douglas DelGrosso for election to its Board of Directors during the upcoming annual meeting of shareholders on May 21, 2025. DelGrosso's appointment is contingent upon shareholder approval.
DelGrosso, an experienced executive with a substantial background in global operations, brings a wealth of knowledge from his tenure as the president and chief executive officer of Adient plc (NYSE: ADNT), a global engineering and manufacturing firm, until December 2023. Under his leadership, Adient achieved annual revenues of $14.5 billion, though the company has faced recent challenges with its stock trading near 52-week lows at $10.98. His career spans various leadership roles, including positions at Chassix Inc. and Henniges Automotive.According to InvestingPro analysis, Adient shows potential for recovery, with analysts forecasting profitability this year despite recent market headwinds.
ITT's Chairman of the Board, Timothy H. Powers, expressed confidence in DelGrosso's potential contribution, citing his proven leadership and comprehensive understanding of the markets relevant to ITT's operations. Luca Savi, ITT's Chief Executive Officer and President, also praised DelGrosso's track record for operational excellence and strategic mergers and acquisitions. During DelGrosso's tenure at Adient, management demonstrated commitment to shareholder value through aggressive share buybacks, though the company currently faces challenges with weak gross profit margins of 6.2%.
In addition to his role at Adient, DelGrosso has served on several other boards, including Cabot Corporation (NYSE: CBT), Pangea Corporation, and Accuride Corporation. He holds a Bachelor of Science in mechanical engineering and an MBA, reflecting his strong foundation in both engineering and business.
Upon his election, DelGrosso is expected to join ITT's Nominating and Governance Committee. The company views his nomination as part of an ongoing strategy to enhance its board with experienced operations executives.
ITT, headquartered in Stamford, Connecticut, operates globally with a presence in over 35 countries and sales in approximately 125 countries. This announcement is based on a press release statement from ITT Inc.
In other recent news, ADC Therapeutics reported its fourth-quarter financial results, which showed a mixed performance. The company exceeded earnings expectations with an adjusted earnings per share of -$0.25, compared to analyst predictions of -$0.43. However, revenue fell short, coming in at $16.91 million against a forecast of $18.85 million. For the full year 2024, ADC Therapeutics achieved net product revenues of $69.3 million from its lymphoma drug ZYNLONTA, showing a slight increase from $69.1 million in 2023. The company has also made progress in its clinical programs, completing enrollment in the Phase 3 LOTIS-5 trial and reporting promising initial data from the Phase 1b LOTIS-7 trial. ADC Therapeutics ended the year with $250.9 million in cash and cash equivalents, which it anticipates will support operations into the second half of 2026. These recent developments reflect ADC Therapeutics' ongoing efforts in drug development and financial management.
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