Textron Inc., based in Providence, RI, U.S., said today it named Steven R. Loranger president and chief executive officer of ITT Industries, effective immediately. He has served as executive vice president and chief operating officer since October, 2002.
Textron also said it streamlined reporting of its manufacturing segments and eliminated the position of chief operating officer. The company's manufacturing segments include Textron Fastening Systems as well as Industrial. They will report directly to Textron Chairman, President and CEO Lewis B. Campbell.
Barclay Olson was named president of Textron's Industrial segment. Mr. Loranger had served as acting head of Industrial. Mr. Olson has been president of the company's Tools & Components group, comprised of its Greenlee and Fluid & Power businesses, since June 2003. Prior to that, Olson was president of the company's Greenlee business unit.
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