ITW Announces CEO Succession Plan

Vice Chairman Christopher A. O’Herlihy Named President and Chief Executive Officer

E. Scott Santi Will Become Non-Executive Chairman of the Board

Succession Plan Supports Continued Advancement of ITW’s Enterprise Strategy and Differentiated Long-Term Performance

GLENVIEW, Ill., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Illinois Tool Works Inc. (NYSE: ITW), a global multi-industry manufacturing leader, today announced a succession plan that capitalizes on the strength and depth of the ITW leadership team. Christopher A. O’Herlihy, currently Vice Chairman of ITW, will become President and Chief Executive Officer (CEO) and a member of the ITW Board of Directors, effective January 1, 2024. 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.

“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,” said Mr. Santi. “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,” Mr. Santi continued. “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.”