ITW (ITW) Promotes E. Scott Santi to COO, Acting CEO
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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 David Speer, 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.
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. Mr. Morrison has served as a director of ITW since 2003 and currently serves as lead director.
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. Mr. Morrison has served as a director of ITW since 2003 and currently serves as lead director.
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