ITT Inc chief executive officer (CEO) and president Denise Ramos has decided to retire.

Ramos will continue to serve as CEO of the company until 1 January 2019 and then in an advisory role until her retirement on 1 March 2019.

Luca Savi, ITT’s executive vice president and chief operating officer, has been named to the newly created role of president and chief operating officer, and will become CEO and president on 1 January 2019.

Savi will continue to report to Ramos for the rest of 2018, and will remain responsible for driving global business performance and expanding capabilities across the company.

Ramos joined ITT in 2007 as chief financial officer and was appointed CEO in 2011.

“It has been an honour to lead ITT over the past seven years, and I am very proud of the performance and success that our talented team has achieved together,” said Ramos. “In discussing succession planning with the board of directors, it has been clear that we have a leader in Luca who brings a unique combination of capabilities that will power ITT on the next part of its journey.”

“Denise’s leadership over the past seven years has been outstanding as she has successfully driven the creation of a company distinguished by its strong performance, attractive portfolio of businesses, robust balance sheet and intense commitment to building a vibrant culture,” said Frank MacInnis, chairman of the ITT board.

Savi said: “It is a privilege to have the opportunity to be the next leader of this incredible company.”

Savi joined ITT in 2011 and most recently served as executive vice president and chief operating officer, where he worked closely with the company’s three segments to implement sustainable management systems that have helped drive operating margin expansion, working capital improvements and overall business performance. Given these advancements, ITT says that it will not look to fill the COO role in January. Savi also served as president of the company’s Motion Technologies segment, where he led the development of strong operational capabilities, revenue growth of 55%, global expansion and customer-centric innovation such as the ITT Smart Pad.