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STAMFORD, CT – ITT (NYSE:ITT) Inc., a leading manufacturer of pumps and pumping equipment, announced the promotion of Bartek Makowiecki to Senior Vice President, Chief Strategy Officer, and President, Industrial Process, effective immediately. The announcement was made in a recent filing with the Securities and Exchange Commission.
Makowiecki, 46, has been with ITT Inc. since September 2021, serving as Senior Vice President, Strategy and Business Development. In this role, he has been credited with driving significant progress in the company's strategic and business development initiatives. His prior experience includes leadership positions at Ingredion (NYSE:INGR) Incorporated and Owens Corning (NYSE:OC), as well as roles in global strategy and M&A at Parker-Hannifin Corporation (NYSE:PH).
In recognition of his new responsibilities, ITT's Compensation and Human Capital Committee has approved an increase in Makowiecki’s annual base salary to $600,000. Additionally, his annual target equity compensation has been raised to $1,350,000. His target cash bonus remains at 75% of his base salary. Makowiecki will also receive a one-time grant of restricted stock units valued at $500,000.
Makowiecki's compensation adjustments align with his expanded role overseeing the Industrial Process segment, a core business area for ITT. He will continue to participate in the company's annual cash and equity incentive plans and receive benefits consistent with those detailed in ITT's proxy statement for the 2024 annual meeting of shareholders.
This strategic move comes as ITT Inc. continues to strengthen its leadership team and refines its focus on key business segments.
The information presented in this article is based on ITT Inc.'s recent SEC filing.
In other recent news, ITT Inc. reported a 9% revenue growth for the second quarter of 2024, primarily driven by increased volumes and strategic acquisitions. The company's acquisitions included Svanehoj and kSARIA, a leader in fiber cable applications for defense contractors, which was purchased for $475 million.
ITT's Industrial Process (IP) segment exceeded its long-term target margin of 20%, while the Motion Technologies (MT) and Connect & Control Technologies (CCT) segments are nearing 19%.
The company also made significant strides in the green energy sector, securing key commercial contracts. Despite divesting Wolverine, ITT reaffirmed its full-year guidance. Additionally, the company repurchased $79 million of its shares and reduced its debt during the second quarter.
These recent developments indicate ITT's strategic moves towards sustained growth in high-margin sectors. The company maintains its full-year guidance for 2024 and expects to outperform its previous forecasts.
InvestingPro Insights
As ITT Inc. positions itself for future growth by refining its leadership team, it's important to consider the company's financial health and market performance. According to real-time data from InvestingPro, ITT Inc. boasts a market capitalization of $10.84 billion, underscoring its significant presence in the industry. The company's P/E ratio stands at 25.15, which suggests that investors are willing to pay a premium for ITT's earnings, potentially due to expectations of future growth. This is further supported by a revenue growth of 9.74% over the last twelve months as of Q2 2024, indicating a solid trajectory in sales.
From an investment standpoint, ITT Inc. has demonstrated a commitment to shareholder returns, having raised its dividend for 11 consecutive years, with a recent dividend yield of 0.96%. This track record is a testament to the company's financial stability and its ability to generate sufficient cash flows to cover interest payments and maintain consistent dividend payments. Additionally, ITT's liquid assets exceed its short-term obligations, which provides financial flexibility and reduces liquidity risk.
For those considering ITT Inc. as part of their investment portfolio, InvestingPro offers additional insights. Currently, there are 9 more InvestingPro Tips available at https://www.investing.com/pro/ITT, which provide a deeper analysis of the company's financial metrics and market position. These tips may prove invaluable for investors looking to make informed decisions based on comprehensive data and expert analysis.
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