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Illinois Tool Works CEO David Speer dies at age 61
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GLENVIEW, Ill. (AP) — David Speer, the longtime chairman and CEO of Illinois Tool Works Inc., has died at the age of 61 after a lengthy illness. Speer, who has been on medical leave since October, was replaced by E. Scott Santi as CEO, and Robert Morrison as nonexecutive board chairman, the company said in a statement on Sunday. Speer joined the company in 1978 and held a number of sales, marketing and management positions. He was elected CEO in 2005 and became board chairman in 2006. Santi, 51, also was named to the Glenview, Ill., company's board. He had been serving as president and chief operating officer since October, when he also was named acting chief executive because of Speer's medical leave. Santi joined ITW in 1983 and has spent his entire career with the company. He was named executive vice president in 2004 and vice chairman in 2008. He also is a director of W.W. Grainger Inc., a broad line industrial distributor. Morrison, 70, has been acting nonexecutive chairman since October and has served as a director since 2003. He retired as vice chairman of PepsiCo Inc., and had served as chairman and CEO of The Quaker Oats Co. before its merger with PepsiCo. ITW, which makes construction materials, welding equipment and restaurant supplies, celebrated its 100 year anniversary this year. The company's shares closed Friday at up 12 cents at $58.87. They have traded in a 52-week range of $42.41 to $63.33. 
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Today is Saturday, May 18, the 138th day of 2013. There are 227 days left in the year.
1863 -- 150 years ago: A large variety of children's wagons and gigs have arrived in thecity and are being sold at war prices.
1888 -- 125 years ago: All Rock Island retail houses, with the exception of a clothingstore and a jewelry store, have agreed to early closing hours during the summer months.The store will be closed at 8 p.m.
1913 -- 100 years ago: Baseball enthusiasts in Rock Island are attempting to raise$20,000 to keep the Island City Park open, despite the fact that the city has no franchise inorganized baseball this year.
1938 -- 75 years ago: The organization of a third rural young people's unit will beundertaken tomorrow night at the Milan Presbyterian Church, with Mrs. Mildred K.Wellman, home advisor, and Robert Smith, county farm adviser in charge.
1963 -- 50 years ago: Deere & Co. will begin a "big switch" on its telephone systemMonday morning. The extension numbers of all 1,600 telephones on the firm's EastMoline and Moline exchanges will be changed Monday morning.
1988 -- 25 years ago: East Moline's June Jamboree VI -- Nostalgia Days, will seemlike a '60s revival with the appearance of stars like Bobby Vee, Freddie Cannon, PeterNoone, Turtles, The Grass Roots and Lou Christie. This year's festival has beenexpanded to five days, June 22-26, at the Northeast Park complex.
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