Once a Shakeproof Fastener Salesman – Farrell Retires as ITW Chairman

Jason Sandefur

Board chairman and former CEO James Farrell officially retired from Illinois Tool Works Inc., making room for CEO David Speer to take his place as chairman. Farrell had been with ITW for 41 years.
Farrell started with ITW in 1967 as a Shakeproof salesman and was promoted to management roles with Deltar. From 1977 to 1983 he was president of the Fastener & Tool Group. In 1983 Farrell became executive vice president, 1995 president and in 1996 chairman and CEO.
Speer, 55, was named top executive in 2005 as part of ITW”s senior management transition plan first announced in 2004 when Speer became president of ITW. Speer has been with ITW for 28 years.
ITW”s board of directors also elected longtime executive Thomas Hansen as vice chairman.
With annual revenues of more than $10 billion, diversified manufacturer ITW has over 625 operations in 44 countries and 47,500 employees. �2006 FastenerNews.com