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ITW Chairman and CEO David B. Speer has passed away after an illness. He was 61.
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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 chief executive officer and in 2006 assumed the additional responsibilities as chairman of the board of directors. Speer had been on medical leave since October 2012.
Effective immediately, E. Scott Santi has been elected CEO to succeed Speer and will serve on the company's board of directors. Santi has been acting CEO in light of Speer's medical leave. Santi also serves as ITW's president and COO, positions he has held since October.
"David's remarkable leadership will have a lasting impact on our company," Santi said. "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."