01—Abstract
Summary
Summary of the 8-K filed May 22, 2026. Cited figures are marked; the original filing is the authoritative source.
Illinois Tool Works Inc. (ITW) has announced a significant leadership transition within its accounting and finance department.
Randall J. Scheuneman, the current Vice President & Chief Accounting Officer and Principal Accounting Officer, will retire effective March 1, 2027. He will step down from his current role on June 30, 2026, but will continue to serve as an advisor until his retirement, ensuring a smooth handover.
Notably, Mr. Scheuneman's departure is amicable and not related to any disagreements regarding the company's financial reporting or operations. Matteo C. Pigozzo, a seasoned executive with 20 years of experience at ITW, will succeed Mr. Scheuneman as Vice President & Chief Accounting Officer and Principal Accounting Officer, effective July 1, 2026.
Mr. Pigozzo has held various senior accounting and finance positions, most recently as Vice President & Corporate Controller. His appointment is part of the company's established succession planning and comes with no changes to his current compensation, indicating stability in the executive leadership team.
02—Key points
Key Highlights
- Effective March 1, 2027, Randall J. Scheuneman, VP & Chief Accounting Officer, will retire.
- Mr. Scheuneman will step down from his current role on June 30, 2026.
- Mr. Scheuneman will remain with ITW as an advisor until his retirement.
- The retirement of Mr. Scheuneman is not due to any disagreements with the company.
- Matteo C. Pigozzo will succeed Mr. Scheuneman as VP & Chief Accounting Officer, effective July 1, 2026.
- Mr. Pigozzo has 20 years of experience at ITW, most recently as VP & Corporate Controller.
- There are no material changes to Mr. Pigozzo's compensation in connection with his new role.
03—Questions
Frequently Asked Questions
What is the reason for Randall J. Scheuneman's departure?
Randall J. Scheuneman is retiring from Illinois Tool Works Inc. His planned retirement is not due to any disagreement with the Company on any matter relating to the Company's financial statements, internal control over financial reporting, operations, policies or practices.
Who will replace Randall J. Scheuneman as Chief Accounting Officer?
Matteo C. Pigozzo will succeed Randall J. Scheuneman as the Company’s Vice President & Chief Accounting Officer and Principal Accounting Officer, effective July 1, 2026.
What is Matteo C. Pigozzo's experience at ITW?
Matteo C. Pigozzo has been with ITW for 20 years, joining in 2006. He has held progressively senior accounting and finance roles, most recently serving as Vice President & Corporate Controller.
Will Matteo C. Pigozzo's compensation change significantly with this promotion?
No, there were no material changes to Mr. Pigozzo’s compensation arrangements relating to this appointment.
04—Continue