NEW YORK Nov 18 ITW Chairman and chief
executive officer David B. Speer has passed away after an
illness, the company announced on Sunday. He was 61.
The Glenview-based industrial equipment maker said E. Scott
Santi, 51, has been elected chief executive officer to succeed
Speer, effective immediately. Santi has been the acting chief
executive officer in light of Speer's medical leave since
ITW also said Robert S. Morrison, 70, was elected
non-executive chairman of the board of directors. He was named
acting non-executive chairman in October, and has been an
independent director since 2003.
"On behalf of everyone at ITW, our thoughts and prayers are
with David's family during this difficult time," Morrison said
in a press release.
"David's energy and enthusiasm leave an indelible mark on
ITW, the Chicago business community, and the many not-for-profit
organizations he served. He will be greatly missed."
Shares of ITW ended up 0.2 percent at $58.87 on Friday.