Illinois Tool Works announces CEO succession plan, shares fall

Illinois Tool Works

07/09/2023 16:18

** Shares of automotive components and food processing
equipment maker Illinois Tool Works Inc  ITW.N  down 2.3% at
$238.48
    ** Co says Vice Chairman Christopher A. O'Herlihy will
become president and CEO and member of the board, effective Jan.
1, 2024
    ** E. Scott Santi will step down as CEO and will remain
chairman of board until March 1, 2024, after which he will
become non-executive chairman of board
    ** Including sessions move, ITW shares up 8.1% YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))