10/17/2012 12:35:00 PM
NEWS BRIEFS
ITW Names New CEO
Scott Santi
ITW Board Vice Chairman E. Scott Santi, 51, was promoted to COO and acting CEO, effective immediately.
Santi’s appointment as acting CEO follows the decision by David Speer, chairman and chief executive officer, to take a medical leave of absence. As disclosed on November 10, 2011, Speer has been undergoing treatment for a medical condition.
ITW lead director Robert Morrison will serve as acting non-executive chairman of the board.
“The promotion of Scott to president and chief operating officer reflects the board’s normal and carefully considered succession planning process,” Morrison stated. “Scott is an accomplished ITW executive with nearly 30 years of service.”
Santi joined ITW in 1983 and has spent his entire career with the company. He was elected as Executive VP in 2004 and Vice Chairman in 2008.
He also serves as a director of Grainger.
Morrison, 70, has served in the boardrooms of such corporations as PepsiCo, Quaker Oats and Kraft. From June to December 2005 he also served as interim Chairman and CEO of 3M, where he remains a director.
The appointments of Santi and Morrison come weeks after ITW revealed it was mulling a massive asset sale that could see the company divest in business units representing as much as 25% of sales.
ITW entered the fastener business in 1923 using a patent on a twisted-tooth lockwasher to start Shakeproof Company in 1923, when Detroit was converting from wood to metal car door hinges. Fastener involvement expanded with the concept of “preassembling” a washer to a screw.
Today ITW manufactures highly engineered fasteners and industrial components and specialty products primarily for the auto, food and construction industries. Brand names include Buildex, Fastex, Ramset/Red Head and Shakeproof. ©2012 GlobalFastenerNews.com
Related Stories:
• Grainger Results Show Strengthening Sales
Related Links:
• ITW
Share: