Speer Takes Over as ITW CEO
Speer Takes Over as ITW CEO
John Wolz
David Speer became CEO of Illinois Tool Works Inc. today, succeeding James Farrell. Farrell will remain chairman until he retires in May 2006.
Speer, 54, was named president in 2004 as part of ITW’s succession planning. Speer joined ITW in 1978 and has held various selling, marketing and management positions. He holds a bachelors degree in engineering and masters in management.
ITW also named Jim Skinner, CEO of McDonald’s Corp., to the board and James Wooten Jr. as vice president, counsel and corporate secretary. Wooten joined ITW in 1988 and has been associate general counsel in charge of mergrs, acquisitions, divestitures and SEC filings.
Founded in 1912, ITW manufactures fasteners, engineered components, industrial systems and consumables. ITW has $11.7 billion in revenues from 650 decentralized operations in 45 countries and employs 49,000 people. Web: itw.com �2005 FastenerNews.com
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