Illinois Tool Works Chairman And CEO David B. Speer Dies At 61
By J.J. McGrath | November 19, 2012 10:34 AM EST
Illinois Tool Works Inc. (NYSE: ITW) Chairman and CEO David B. Speer died at the age of 61 after an illness, the company announced Sunday. He was 61.
The mammoth industrial-equipment manufacturer said E. Scott Santi, 51, was elected CEO to succeed Speer, effective immediately, according to Reuters. Santi had been the acting CEO since last month, when Speer's medical leave began.
ITW also said Robert S. Morrison, 70, was elected nonexecutive chairman, effective immediately, Reuters reported. Morrison had been acting nonexecutive chairman since last month.
"On behalf of everyone at ITW, our thoughts and prayers are with David's family during this difficult time," Morrison was quoted as saying by Reuters. "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."
Based in Glenview, Ill., ITW has about 65,000 full-time employees and a market capitalization of about $27.28 billion. The company saw its share price rise 12 cents, or 0.2 percent, to $58.87 Friday.
To contact the editor, e-mail:
Most Popular Slideshows
- Pope Francis Meets Sudanese Woman Who Was Spared Death for Apostasy (PHOTOS)
- Malaysia Airlines Flight MH17: King Williem-Alexander, Queen Maxima Hold Solemn Reception Ceremony for Victims
- Jennifer Lawrence & Nicholas Hoult Allegedly Split: Mad Max Actor Cheats with Kristen Stewart & Riley Keough - Reports
- Prince George Birthday: Adorable New Pictures of George Touching a Butterfly on William's Hand Released [SEE PHOTOS]
Join the Conversation
- Apple iPhone 6 on Two Confirmed Release Dates, New Parts Leaked Suggesting Bigger iPhone to Come
- Google Nexus 6, 8 with Android L on Release Date Promises Killer Mobile Device Experience
- iPhone 6 Release Date Relevance to iOS Newbies: Specs Meaning, Price Considerations
- Xiaomi Mi4 vs OnePlusOne vs Nexus 5: Mi4 is the ‘Perfect’ Phone
- Israeli Women Stripping Naked for IDF Soldiers
- HTC One M8 Android 4.4.3 KitKat Update Roll Out, Introducing the HTC One Remix
- The Pirate Bay Releases ‘The Mobile Bay’: Mobile Torrent Download Made Easier but Remains Illegal