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ITEL NAMES DAMMEYER CHIEF EXECUTIVE OFFICER AS PART OF CONTINUED TRANSITION OF COMPANY

 CHICAGO, Nov. 20 ~PRNewswire~ -- Itel Corp. (NYSE: ITL) said its board of directors yesterday afternoon took additional steps aimed at continuing Itel's strategy of focusing the company on the continued rapid growth of its major operating business units, Anixter Distribution and Antec.
 The board elected Rod Dammeyer, Itel president, to the additional post of chief executive officer, effective Jan. 1, 1993. Mr. Dammeyer has been president of Itel since he joined the company in 1985, and chief executive officer of Anixter Bros., Inc., since the beginning of 1992. George Miller, chief executive officer of Anixter Distribution, and John Egan, chief executive officer of Antec, will continue to report to Mr. Dammeyer.
 Samuel Zell, Itel's largest shareholder, will continue to actively lead Itel's board of directors in his capacity as chairman of the board but will no longer be an executive officer of the company.
 In light of these events and in furtherance of an ongoing program to repurchase its stock, Itel is reacquiring warrants to purchase 4,675,000 shares of Itel common stock held by an affiliate of Mr. Zell. The warrants were issued in 1988 at the time Itel issued 18.7 million shares to The Henley Group in connection with Itel's purchase of several Henley assets. Since that time, Itel has repurchased all of the Henley shares, plus approximately four million additional common shares, reducing its outstanding common stock from a high of approximately 50 million shares to the 27.3 million shares currently outstanding. A note, of which $15 million is currently outstanding, issued as part of the original $22.5 million paid for the warrants, is being canceled.
 Through its Anixter Distribution business, Itel Corp. is involved mainly in supplying wiring systems for data, voice and energy markets. Antec is a supplier and developer of products employing broad-band and fiber networks for video, voice and data applications.
 -0- 11~20~92
 ~CONTACT: Kirk Brewer of Itel, 312-902-1515~
 (ITL)


CO: Itel Corp. ST: Illinois IN: SU: PER

AH -- NY017 -- 3269 11~20~92 09:57 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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