Successful ITT chief executive set to step aside

January 24, 2007
Rene Champaigne is retiring as CEO of ITT Educational Services Inc. in April after pushing the value of stock in the Carmel company to $70 a share from virtually nothing a decade ago.
Champagne, 65, has been chief executive since 1985. He will remain chairman and be paid an annual salary of $560,000, according to a Securities and Exchange Commission filing.
President and Chief Operating Officer Kevin Modany, who has been with ITT since June 2002, will replace Champaigne as CEO and retain the title of president. Modany’s salary will be $630,000, the filing said.

ITT has 48,000 students in 87 technical colleges it operates in 33 states.
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