Xylem (XYL) names director Steven Loranger as CEO to replace Gretchen McClain, who has stepped down "to pursue other opportunities."
Loranger was Chairman of ITT Corporation when it spun its water businesses off as Xylem in October 2011.
While Loranger will take over immediately, Xylem is initiating a search to find a CEO for the longer term.
Xylem reiterates its FY guidance for EPS of $1.40-1.50 vs consensus of $1.43 and revenue of $3.7B vs $3.73B. (PR)