Oct. 15, 2012
/PRNewswire/ -- Illinois Tool Works Inc. (NYSE: ITW) today announced that
E. Scott Santi
, vice chairman, has been promoted to president and chief operating officer. In addition, Mr. Santi has also been appointed acting chief executive officer, effective immediately. Mr. Santi's appointment as acting CEO follows the decision by
, chairman and chief executive officer, to take a leave of absence in order to fully focus on his health. As disclosed on
November 10, 2011
, Mr. 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.
"The promotion of Scott to president and chief operating officer reflects the board's normal and carefully considered succession planning process," said
, acting Chairman of the Board of Directors. "Scott is an accomplished ITW executive with nearly 30 years of service. With David Speer's full support, the board also appointed Scott as acting CEO. The board has a great deal of confidence in
and ITW's leadership team."
"Both the board and I are confident in having Scott lead the Company," said
. "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 Mr. 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."