ITW Names Speer President

John Wolz

In preparation for the 2006 retirement of CEO James Farrell, Illinois Tool Works Inc. named David Speer president.\
“David will play a pivotal role in the succession planning that will take place in anticipation of my retirement at the May 2006 shareholders” meeting,” Farrell commented. “This transition comes at a time when the company is reporting record revenues and earnings, and has in place the executive bench strength that will help ITW continue its stellar track record for years to come.”
Speer is 53 and Farrell 62.
Speer, who holds a bachelors degree in industrial engineering from Iowa State University and a masters in management from Northwestern University, joined ITW in 1978 and held selling, marketing and general management positions in the construction products group. In 1995 Speer was named executive vice president of the global construction products businesses, and in 1997 he added responsibility for finishing systems businesses. Last year he assumed responsibility for the global Wilsonart Laminate business.
ITW has $10 billion in annual revenues as a diversified manufacturer of engineered components, industrial systems and consumables. ITW has 625 operations in 44 countries and 47,500 employees.
ITW”s North American engineered fasteners and components revenue totaled $3.05 billion in 2003, and international totaled $1.87 billion. �2004 FastenerNews.com