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GLENVIEW, Ill. (AP) - Illinois Tool Works Inc., which makes automotive parts, construction supplies and food service equipment, said Tuesday that W. James Farrell will step down as chief executive officer on Aug. 5 and turn over the top job to President David Speer.
Farrell will remain on as chairman until he retires at age 64 next May, when Speer will add that position to his CEO duties. The 53-year-old Speer, a 26-year veteran of the company, was named to the No. 2 post last summer.
The manufacturing company said in a filing with the Securities and Exchange Commission that Farrell "now intends to step down as the company's chief executive officer" at the directors' Aug. 5 meeting, as confirmed in a letter to the board last Friday.
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