ITW Chairman & CEO David B. Speer Passes Away; E. Scott Santi Elected CEO and Director of ITW; Robert S. Morrison Elected Non

ITW Chairman & CEO David B. Speer Passes Away; E. Scott Santi Elected CEO and
  Director of ITW; Robert S. Morrison Elected Non-Executive Chairman of the
                                    Board

PR Newswire

GLENVIEW, Ill., Nov. 18, 2012

GLENVIEW, Ill., Nov. 18, 2012 /PRNewswire/ -- ITW (NYSE: ITW) is deeply
saddened to announce that ITW Chairman & CEO David B. Speer has passed away
after an illness. He was 61. Mr. 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. Mr. Speer
had been on medical leave since October 2012.

Effective immediately, E. Scott Santi, 51, has been elected chief executive
officer to succeed Mr. Speer. He has also been elected to ITW's board of
directors. Mr. Santi was elected president and chief operating officer in
October. At that time, he also was named acting chief executive officer in
light of Mr. Speer's medical leave. Robert S. 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 Mr. 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,"
said Mr. 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."

E. Scott Santi
Mr. Santi, 51, joined ITW in 1983 and has spent his entire career with the
Company. He was elected as Executive Vice President in 2004 and Vice Chairman
in 2008. He also serves as a director of W.W. Grainger, Inc. Mr. Santi
graduated from the University of Illinois in 1983 with a B.S. degree in
accounting, and received a Masters in Business Administration from the JL
Kellogg School of Business at Northwestern University in 1992.

Robert S. Morrison
Robert S. Morrison, 70, retired as Vice Chairman of PepsiCo, Inc., a beverage
and food products company, having served in that position from 2001 to 2003.
From 1997 to 2001, prior to its merger with PepsiCo, he was Chairman,
President and Chief Executive Officer of The Quaker Oats Company. Mr. Morrison
was Chairman and CEO of Kraft, Inc. from 1994 to 1997. He also served as
interim Chairman and Chief Executive Officer of 3M Company from June to
December 2005. Mr. Morrison is currently a director of 3M Company and Aon
Corporation and was formerly a director of The Tribune Co.

Celebrating its 100-year anniversary in 2012, ITW is a Fortune 150 global
diversified industrial manufacturer of value-added consumables and specialty
equipment with related service businesses. The Company focuses on profitable
growth and strong returns across worldwide platforms and businesses. The
businesses serve local customers and markets around the globe, with a
significant presence in developed as well as emerging markets. ITW's revenues
totaled $17.8 billion in 2011, with more than half of the revenues generated
outside of the United States.

SOURCE ITW

Contact: John Brooklier, +1-847-657-4104, jbrooklier@itw.com
 
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