Illinois Tool Works announced a succession plan. Christopher O’Herlihy, currently Vice Chairman of ITW, will become President and CEO and a member of the ITW Board of Directors, effective January 1, 2024. 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. O’Herlihy has been with ITW for over 34 years. He was named Executive VP of the company’s Food Equipment Group in 2010 and elected Vice Chairman in 2015. He serves on the Board of Directors of Masco Corporation. Santi first joined ITW as a summer intern in 1982. He was elected CEO in 2012 and Chairman in 2015.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ITW:
- Illinois Tool Works price target lowered to $198 from $213 at Barclays
- ITW Board of Directors Approves Dividend Rate Increase
- Illinois Tool Works increases quarterly dividend by 7% to $1.40 per share
- Illinois Tool Works boosts share repurchase program to $5B
- Illinois Tool Works price target raised to $292 from $281 at Credit Suisse