Illinois Tool Works CEO Will Take Leave of Absence; Santi Will be Acting CEO
Illinois Tool Works Inc. (NYSE: ITW) today announced that E. Scott Santi, vice chairman, has been promoted to president and chief operating officer. In addition, Mr. Santi has also been appointed acting chief executive officer, effective immediately. Mr. Santi's appointment as acting CEO follows the decision by David Speer, chairman and chief executive officer, to take a leave of absence in order to fully focus on his health. As disclosed on November 10, 2011, Mr. Speer has been undergoing treatment for a medical condition. ITW's lead director, Robert S. Morrison, will serve as acting non-executive chairman of the board, effective immediately.
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