- After about 11 years in the position
- Accolades, praise and thanks for Santi
- Chris O’Herlihy taking over
- Santi will remain as Chairman at Illinois Tool
- Santi made a lengthy statement and said 222 words
(exechange) — Glenview, Illinois, September 7, 2023 — Scott Santi, chief executive of Illinois Tool, leaves his position. As announced by Illinois Tool Works Inc. in a news release and in a regulatory filing published on Thursday, September 7, 2023, E.Scott Santi leaves his post as chief executive officer at the industrial products holding company, after about 11 years in the role, effective January 1, 2024.
Scott Santi’s duties as CEO will be taken over by Christopher A. (Chris) O’Herlihy, currently Vice Chairman at Illinois Tool Works Inc.
“The right time”
The planned management change is explained as follows. Santi stated: “ITW’s independent directors and I determined that this is the right time to transition to a leader who can see the company through this next phase, and that Chris O’Herlihy is the absolute right person to lead ITW forward as our next CEO.”
Santi will remain as Chairman at Illinois Tool
Illinois Tool stated: “E. Scott Santi, ITW’s CEO since 2012, will step down as CEO and will remain Chairman of the ITW Board until March 1, 2024, at which time he will become Non-Executive Chairman of the ITW Board.”
“Step down”
Illinois Tool said: “On September 6, 2023, E. Scott Santi informed the Board of Directors of Illinois Tool Works Inc. (the “Company”) that he will step down as Chief Executive Officer, effective January 1, 2024.”
Share price increase since September 2018
The announcement follows an increase in Illinois Tool Works Inc.’s share price of 76% since September 2018.
In the position of CEO since 2012
Scott Santi became CEO of the Company in 2012.
Scott Santi is Chairman & Chief Executive Officer of Illinois Tool Works Inc.
Santi joined ITW in 1983 and has spent his entire career with the company.
He was elected Executive Vice President in 2004 and named Vice Chairman in 2008.
He became the Company’s Chief Executive Officer in 2012 and was elected Chairman of the Board of Directors in 2015.
Santi is a member of the Board of Directors of W.W. Grainger (NYSE: GWW).
Santi graduated with a bachelor’s degree in accounting from the University of Illinois and received a Master’s of Business Administration from the J.L. Kellogg School of Management at Northwestern University.
222 words by Scott Santi
In the release announcing his departure as CEO of Illinois Tool Works Inc., Scott Santi received accolades, praise and thanks.
In announcing his departure, Scott Santi made a lengthy statement and said 222 words.
“Chris O’Herlihy is the absolute right person”
Scott Santi stated: “ITW is transitioning to the next phase of our Enterprise Strategy to ensure that we continue to leverage the performance power of our highly differentiated ITW Business Model to deliver high-quality growth with best-in-class margins and returns, as reflected in the company’s recently announced 2030 performance goals. ITW’s independent directors and I determined that this is the right time to transition to a leader who can see the company through this next phase, and that Chris O’Herlihy is the absolute right person to lead ITW forward as our next CEO. Chris is an exceptional leader with deep knowledge of our business model, our Enterprise Strategy, and our culture. He has been an invaluable partner and collaborator over the past eleven years. I know that Chris and his very skilled and talented leadership team will continue to deliver on ITW’s well-established track record of ‘do what we say’ execution throughout this next phase. The opportunity to lead this great company has been a distinct honor and an incredible privilege. I am deeply grateful to all my ITW colleagues past and present for their support and for their unwavering dedication to serving our customers and executing our Enterprise Strategy with excellence. I look forward to continuing to support Chris, our leadership team, and the company in my role as Non-Executive Chairman of the Board.”
Push-out Score for Scott Santi’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Scott Santi was pushed out or felt pressure to leave his position.
exechange reached out to Illinois Tool and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2023 ($).