ITW's Speer takes leave of absence
Illinois Tool Works Inc. announced that chairman and CEO David Speer will take a leave of absence for health reasons.
E. Scott Santi, vice chairman, has been promoted to president and chief operating officer. In addition, Santi has also been appointed acting chief executive officer, effective immediately. Speer has been undergoing treatment for a medical condition. ITW’s lead director, Robert S. Morrison, will serve as acting non-executive chairman of the board, effective immediately.
“Both the board and I are confident in having Scott lead the company,” said Speer. “Scott is a proven leader with extensive knowledge of ITW’s key markets and businesses. He has played a leading role in the development of ITW’s current enterprise strategy.”
“I appreciate the trust our board and David have placed in me to lead ITW at this time,” said Santi. “The senior management team and I will work to build on ITW’s long history of strong performance as well as continue to execute our strategic initiatives of portfolio management, business structure simplification and strategic sourcing to enhance value for shareholders. On behalf of the entire ITW family, we wish David a full recovery.”
The 51-year-old Santi 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. 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.
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