ITW Chairman & CEO David B. Speer Passes Away; E. Scott Santi
Elected CEO and Director of ITW; Robert S. Morrison Elected
Non-Executive Chairman of the Board
GLENVIEW, Ill., Nov. 18, 2012 /PRNewswire/ -- ITW (NYSE: ITW) is
deeply saddened to announce that ITW Chairman & CEO
David B. Speer has passed away after
an illness. He was 61. Mr. Speer joined ITW in 1978 and served in a
number of selling, marketing, and management positions. In 2005, he
was elected to the position of chief executive officer and in 2006
assumed the additional responsibilities as chairman of the board of
directors. Mr. Speer had been on medical leave since October 2012.
Effective immediately, E. Scott
Santi, 51, has been elected chief executive officer to
succeed Mr. Speer. He has also been elected to ITW's board of
directors. Mr. Santi was elected president and chief operating
officer in October. At that time, he also was named acting chief
executive officer in light of Mr. Speer's medical leave.
Robert S. Morrison, 70, has been
elected non-executive chairman of the board of directors. He was
named acting non-executive chairman in October and has been an
independent director since 2003.
"On behalf of everyone at ITW, our thoughts and prayers are with
David's family during this difficult time," stated Mr. Morrison.
"David's energy and enthusiasm leave an indelible mark on ITW, the
Chicago business community, and
the many not-for-profit organizations he served. He will be greatly
missed."
"David's remarkable leadership will have a lasting impact on our
company," said Mr. Santi. "He leaves a very strong foundation for
us to build on as we move forward. On a personal level, I was
privileged to have David as my colleague and mentor for over 30
years and I will miss him very much. We extend our deepest
sympathies to David's family."
E. Scott Santi
Mr. Santi, 51, joined ITW in 1983 and has spent his entire career
with the Company. He was elected as Executive Vice President
in 2004 and Vice Chairman in 2008. He also serves as a
director of W.W. Grainger,
Inc. Mr. Santi graduated from the University of Illinois in 1983 with a B.S. degree
in accounting, and received a Masters in Business Administration
from the JL Kellogg School of Business at Northwestern University in 1992.
Robert S. Morrison
Robert S. Morrison, 70, retired as
Vice Chairman of PepsiCo, Inc., a beverage and food products
company, having served in that position from 2001 to 2003. From
1997 to 2001, prior to its merger with PepsiCo, he was Chairman,
President and Chief Executive Officer of The Quaker Oats Company.
Mr. Morrison was Chairman and CEO of Kraft, Inc. from 1994 to
1997. He also served as interim Chairman and Chief Executive
Officer of 3M Company from June to December
2005. Mr. Morrison is currently a director of 3M Company and
Aon Corporation and was formerly a director of The Tribune Co.
Celebrating its 100-year anniversary in 2012, ITW is a Fortune
150 global diversified industrial manufacturer of value-added
consumables and specialty equipment with related service
businesses. The Company focuses on profitable growth and strong
returns across worldwide platforms and businesses. The businesses
serve local customers and markets around the globe, with a
significant presence in developed as well as emerging markets.
ITW's revenues totaled $17.8 billion
in 2011, with more than half of the revenues generated outside of
the United States.
SOURCE ITW