Exelis Inc.

ITT Exelis Inc. was one three major companies that made up ITT Corporation, a company that provided numerous communications, defense and water services. ITT was originally founded as the small communications company Puerto Rico Telephone Company by brothers Sosthenes and Hernan Behn. Through a serious of business and patent acquisitions, the company grew and was renamed International Telephone and Telegraph in 1920.3 ITT continued to grow before appointing Harold Geneen as CEO in 1959.Until his retirement from the position in 1977, Geneen was responsible for growing the company from a medium-sized business earning $765 million in 1961 to an international conglomerate making $17 billion in sales in 1970.4 The company acquired more than 350 companies during Geneen's tenure; at one point the acquisition rate reached one deal per week. Ownership extended over such notable companies as Continental Baking, maker of Wonder Bread and the Twinkie, Sheraton Hotels and Avis Rent-A-Car.5 Following Geneen's retirement, ITT went through a restructuring phase under CEO Rand Araskog and was split into three companies in 1995: ITT Corporation (formerly ITT Industries), Starwood Hotels and Resorts and The Hartford Financial Services Group, an insurance company.6