The mammoth industrial-equipment manufacturer said E. Scott Santi, 51, was elected CEO to succeed Speer, effective immediately, according to Reuters. Santi had been the acting CEO since last month, when Speer's medical leave began.
ITW also said Robert S. Morrison, 70, was elected nonexecutive chairman, effective immediately, Reuters reported. Morrison had been acting nonexecutive chairman since last month.
"On behalf of everyone at ITW, our thoughts and prayers are with David's family during this difficult time," Morrison was quoted as saying by Reuters. "David's energy and enthusiasm leave an indelible mark on ITW, the Chicago business community, and the many not-for-profit organizations he served. He will be greatly missed."
Based in Glenview, Ill., ITW has about 65,000 full-time employees and a market capitalization of about $27.28 billion. The company saw its share price rise 12 cents, or 0.2 percent, to $58.87 Friday.