Illinois Tool Works Inc. (NYSE: ITW), Glenview, IL, has promoted E. Scott Santi, vice chairman, to president and chief operating officer. Santi has also been appointed acting CEO, effective immediately.
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Santi's appointment as acting CEO follows the decision by David Speer, chairman and CEO, to take a leave of absence to focus on his health. ITW's lead director, Robert S. Morrison, will serve as acting non-executive chairman of the board, effective immediately.
Santi, 51, also serves as a director of W.W. Grainger, Inc. He joined ITW in 1983 and was elected as EVP in 2004 and vice chairman in 2008.
Morrison, 70, retired as vice chairman of PepsiCo, Inc., in 2003. From 1997 to 2001, he was chairman, president and CEO of The Quaker Oats Co. Morrison was chairman and CEO of Kraft, Inc. from 1994 to 1997. He also served as interim chairman and CEO of 3M Co. in 2005. Morrison is currently a director of 3M Company and Aon Corp. and was formerly a director of The Tribune Co. Morrison has served as a director of ITW since 2003 and currently serves as lead director.
