ITW (ITW) Chairman, CEO David Speer Passed Away; COO Santi to Assume Role

November 19, 2012 6:59 AM EST Send to a Friend
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.

E. Scott SantiMr. 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. MorrisonRobert 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.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Management Changes

Add Your Comment