GLENVIEW, Ill. – ITW announced today that ITW Chairman and CEO David Speer has passed away after an illness. He was 61.
Speer joined ITW in 1978 and served in a number of selling, marketing and management positions. In 2005, he was elected to the position of CEO and in 2006 assumed the additional responsibilities as chairman of the board of directors. Speer had been on medical leave since October.
Effective immediately, E. Scott Santi, 51, has been elected CEO to succeed Speer. He also has been elected to ITW’s board of directors. Santi was elected president and chief operating officer in October. At that time, he also was named acting CEO in light of Speer’s medical leave.
Robert Morrison, 70, has been 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," stated Morrison. "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."
"David’s remarkable leadership will have a lasting impact on our company," added Santi. "He leaves a very strong foundation for us to build on as we move forward. On a personal level, I was privileged to have David as my colleague and mentor for over 30 years and I will miss him very much. We extend our deepest sympathies to David’s family."
