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Posted 07 September, 2023

ILLINOIS TOOL WORKS INC appointed Christopher A. O'Herlihy as new CEO

NYSE:ITW appointed new Chief Executive Officer Christopher A. O'Herlihy in a 8-K filed on 07 September, 2023.


  On September 6, 2023, 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.  

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Overview of ILLINOIS TOOL WORKS INC
Business/Consumer Services • Diversified Holding Companies
Illinois Tool Works, Inc. engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Test and Measurement and Electronics segment manufactures equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids. The Food Equipment segment supplies commercial food equipment and provides related services. The Polymers and Fluids segment provides adhesives, sealants, lubrication and cutting fluids, janitorial and hygiene products, and fluids and polymers for auto aftermarket maintenance and appearance. The Welding segment furnishes arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. The Construction Products segment makes construction fastening systems and truss products. The Specialty Products segment manufactures beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. The company was founded by Byron L. Smith in 1912 and is headquartered in Glenview, IL.
Market Cap
$77.4B
View Company Details
ILLINOIS TOOL WORKS INC by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


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. Mr. Santi will remain employed by the Company in his role as Chairman through March 1, 2024, after which he will retire and no longer be an employee. The Board of Directors appointed Mr. Santi as Non-Executive Chairman of the Board, effective March 1, 2024. As Non-Executive Chairman of the Board, Mr. Santi will participate in the standard non-employee director compensation arrangements described in the Company's 2023 proxy statement; the Board of Directors also approved an additional annual grant of shares of common stock equivalent in value to $250,000, to be made on the same date as annual stock grants are made to the Board, for his service as Non-Executive Chairman.


On September 6, 2023, 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. Mr. O'Herlihy will serve on the Board's Executive Committee and will not be compensated for serving on the Board. Mr. O'Herlihy joined the Company in 1989 and has served as the Company's Vice Chairman since 2015. He served as Executive Vice President of the Food Equipment segment from 2010 to 2015 and, prior to becoming an executive officer, as Group President for both the Polymers & Fluids and Food Equipment segments. Mr. O'Herlihy serves as a director for Masco Corporation, a global manufacturing company. Mr. O'Herlihy will receive an annual base salary of $1,300,000, effective as of January 1, 2024, and will be eligible for an annual incentive award target of 150% of year-end base salary.


There are no arrangements or understandings between Mr. O'Herlihy and any other person pursuant to which he was selected as an officer of director. There are no family relationships between Mr. O'Herlihy and any director or executive officer of the Company, and he has not been party to any reportable transactions with the Company pursuant to Item 404(a) of Regulation S-K.