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ITT ELECTS ROBERT BOWMAN EVP AND CHIEF FINANCIAL OFFICER

 ITT ELECTS ROBERT BOWMAN EVP AND CHIEF FINANCIAL OFFICER
 NEW YORK, Sept. 15 /PRNewswire/ -- The board of directors of ITT Corporation (NYSE: ITT) has elected Robert A. Bowman, 37, executive vice president and chief financial officer, it was announced today by Rand V. Araskog, chairman, president and chief executive.
 Mr. Bowman was executive vice president and chief financial officer of ITT Sheraton Corporation. In his new position, Mr. Bowman who will remain a member of the ITT Sheraton board of directors, succeeds M. Cabell Woodward, Jr., 63, who continues as vice chairman of ITT. Mr. Bowman will report to Mr. Woodward. His successor at ITT Sheraton will be designated shortly.
 "Bob has done an outstanding job for us at ITT Sheraton during an extremely difficult time in the hotel industry," Mr. Araskog said. "His work in repositioning ITT Sheraton for future growth has been a valuable contributor to ITT, and provided him with equally valuable experience," Mr. Araskog said.
 Reporting to Mr. Bowman in his new position will be the ITT controllers, treasurers and investor relations organizations.
 Mr. Bowman joined ITT Sheraton in 1991 as senior vice president and chief financial officer with responsibility for all financial, development and construction areas of the company.
 Prior to joining ITT Sheraton, Mr. Bowman served as Treasurer of the State of Michigan from 1983 until January, 1991 under the two terms of Governor James Blanchard. The youngest State Treasurer in the nation at the time of his appointment, he directed Michigan's improvement in its credit ratings on general obligation debt. Mr. Bowman also served as the state's sole fiduciary of the state pension system. During his eight year term, 1983-1990, that system grew from approximately $6.0 billion to roughly $19.0 billion in asset value.
 As Treasurer of Michigan, Mr. Bowman also structured innovative financial programs such as the Michigan Education Trust Program -- the nation's first guaranteed college tuition plan -- as well as the State's Home Ownership Savings Trust Program and Tax Amnesty Program.
 Prior to joining state government, Mr. Bowman was an investment banker with Goldman Sachs & Company in the investment firm's Municipal Finance Department. From 1979 to 1981, he served in the U.S. Department of Treasury as Special Assistant to the Assistant Secretary for Domestic Finance.
 A native of Milwaukee, Mr. Bowman graduated from Harvard College in 1977, and received his M.B.A. from The Wharton School of Business in 1979. He will relocate from Boston to ITT's New York headquarters.
 ITT is a diversified multinational enterprise engaged, either directly or through subsidiaries, in manufacturing and selling automotive, electronic components, fluid technology, defense, and forest products, and in providing and selling insurance, financial, communication and information, and hotel services. ITT has approximately 110,000 employees.
 -0- 9/15/92
 /CONTACT: Jim Gallagher of ITT Corporation, 212-258-1261/
 (ITT) CO: ITT Corporation ST: New York IN: SU: PER


SH -- NY052 -- 9660 09/15/92 13:16 EDT
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Publication:PR Newswire
Date:Sep 15, 1992
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