Summary
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.
Key Highlights
- 1Effective March 1, 2027, Randall J. Scheuneman, VP & Chief Accounting Officer, will retire.
- 2Mr. Scheuneman will step down from his current role on June 30, 2026.
- 3Mr. Scheuneman will remain with ITW as an advisor until his retirement.
- 4The retirement of Mr. Scheuneman is not due to any disagreements with the company.
- 5Matteo C. Pigozzo will succeed Mr. Scheuneman as VP & Chief Accounting Officer, effective July 1, 2026.
- 6Mr. Pigozzo has 20 years of experience at ITW, most recently as VP & Corporate Controller.
- 7There are no material changes to Mr. Pigozzo's compensation in connection with his new role.