ITW names Christopher O'Herlihy as CEO effective Jan 1, 2024; Santi becomes Non-Executive Chairman

ILLINOIS TOOL WORKS INC

Christopher A. O'Herlihy, current Vice Chairman, named President and CEO and elected to Board, effective Jan 1, 2024.
E. Scott Santi steps down as CEO on Jan 1, 2024; remains Chairman until Mar 1, 2024, then Non-Executive Chairman.
O'Herlihy receives $1.3M base salary and annual incentive target of 150% of year-end base salary.
Santi gets non-employee director comp plus additional $250K annual stock grant as Non-Executive Chairman.
Transition follows multi-year succession planning; O'Herlihy is eighth CEO in ITW's 112-year history.

item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

E. Scott Santi

Non-Executive Chairman of the Board

ITW · ILLINOIS TOOL WORKS INC

Effective: 2024-03-01
Filed: September 7, 2023, 7:59 PM ET

The Board of Directors appointed Mr. Santi as Non-Executive Chairman of the Board, effective March 1, 2024.

Departed

E. Scott Santi

Chief Executive Officer

ITW · ILLINOIS TOOL WORKS INC

Effective: 2024-01-01
Successor: Christopher A. O'Herlihy
Filed: September 7, 2023, 7:59 PM ET

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.

Appointed

Christopher A. O'Herlihy

President and Chief Executive Officer

ITW · ILLINOIS TOOL WORKS INC

Effective: 2024-01-01
Filed: September 7, 2023, 7:59 PM ET

the Company’s Board of Directors elected Christopher A. O’Herlihy, age 59, as President and Chief Executive Officer and as a member of the Company’s Board of Directors, effective January 1, 2024.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

E. Scott Santi was appointed as Non-Executive Chairman of the Board at ILLINOIS TOOL WORKS INC.

Action: appointed
Role: Non-Executive Chairman of the Board

Exact text from the filing

The Board of Directors appointed Mr. Santi as Non-Executive Chairman of the Board, effective March 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

E. Scott Santi departed as Chief Executive Officer at ILLINOIS TOOL WORKS INC.

Action: stepped down
Role: Chief Executive Officer

Exact text from the filing

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.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Christopher A. O'Herlihy was elected as President and Chief Executive Officer at ILLINOIS TOOL WORKS INC.

Action: elected
Role: President and Chief Executive Officer

Exact text from the filing

the Company’s Board of Directors elected Christopher A. O’Herlihy, age 59, as President and Chief Executive Officer and as a member of the Company’s Board of Directors, effective January 1, 2024.

View on SEC.gov

ILLINOIS TOOL WORKS INC filing history →

Source: SEC EDGAR

accession 0000049826-23-000046

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