ITW CEO Farrell to Step Down

John Wolz

Illinois Tool Works Inc. CEO W. James Farrell will step down on Aug. 5 and turn over the top job to President David Speer.\ Farrell will remain chairman until he retires at age 64 next May.
Speer, 53, is a 26-year ITW veteran who became president in 2004.
Farrell”s planned retirement was first announced in August 2004. �2005 FastenerNews.com