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ITW > SEC Filings for ITW > Form 8-K on 19-Nov-2012All Recent SEC Filings

Show all filings for ILLINOIS TOOL WORKS INC



Change in Directors or Principal Officers, Financial Statements and Exhib

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 18, 2012, the board of directors of Illinois Tool Works Inc. (the "Company") promoted E. Scott Santi, age 51, from president and chief operating officer to chief executive officer until the board of directors meeting held on the date of the 2013 annual meeting of stockholders or until his successor shall have been duly elected and qualified. The board also elected Mr. Santi to the Company's board of directors to fill the vacancy created by the death of the Company's former chairman and chief executive officer, David B. Speer. Mr. Santi has been serving as acting chief executive officer since October 12, 2012 after Mr. Speer informed the board that he would take a leave of absence to focus on his health. Mr. Santi has held positions of increasing responsibility at the Company since joining ITW in 1983. Since 2008 he served as Vice Chairman with responsibility for the Company's Power Systems & Electronics, Industrial Packaging, Polymers & Fluids, Decorative Surfaces and Food Equipment businesses. From 2004 to 2008 he served as Executive Vice President with responsibility for the worldwide welding, electronic component fabrication and aircraft ground support equipment groups. Mr. Santi serves as a director of W.W. Grainger, Inc., a broad-line distributor of maintenance, repair and operating supplies and other related products and services.

Also, on November 18, 2012, the board of directors elected Mr. Robert S. Morrison as non-executive chairman of the board. Mr. Morrison was named acting non-executive chairman on October 12, 2012. Mr. Morrison serves on the Compensation Committee and is chairman of the Corporate Governance and Nominating Committee.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.   Description

  99.1        Press Release issued by Illinois Tool Works Inc., dated
              November 18, 2012

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