Summary
Illinois Tool Works Inc. (ITW) filed an 8-K report on May 10, 2005, announcing a significant executive change. Effective August 6, 2005, Senior Vice President and Chief Financial Officer Jon C. Kinney will retire after a long tenure with the company, having served as CFO since 1998 and as an employee since 1972. In response to Mr. Kinney's upcoming retirement, ITW has decided to divide his responsibilities between two existing executives. Ronald D. Kropp, currently Vice President and Controller, Financial Reporting, will assume a portion of the CFO duties. Eugene Osterkorn, Vice President and Controller, Operations, will handle the remaining CFO responsibilities. This change in leadership marks the end of an era for ITW's financial operations, given Mr. Kinney's extensive history with the company.
Key Highlights
- 1Senior Vice President and Chief Financial Officer Jon C. Kinney announced his retirement, effective August 6, 2005.
- 2Mr. Kinney has been with ITW since 1972 and served as CFO since January 7, 1998.
- 3The company plans to split the CFO's responsibilities between two existing Vice Presidents and Controllers.
- 4Ronald D. Kropp will take on financial reporting aspects of the CFO role.
- 5Eugene Osterkorn will assume operational aspects of the CFO role.
- 6The effective date of the leadership transition is August 6, 2005.