10 Things You Didn’t Know About Illinois Tool Works CEO Ernest Scott Santi
Ernest Scott Santi is the CEO of Illinois Tool Works. He’s had a brilliant career and has made significant contributions to the companies that he’s served as leader as well as in his board affiliations. We learned some interesting facts about Mr. Santi that we’d like to share in our 10 things about Ernest Scott Santi that you probably didn’t know.
1. He has an impressive education
Santi attended the University of Illinois-Urbana-Champaign and earned his bachelors of science degree in 1983. He went on to attend the J.L. Kellogg School of Management, Northwestern University, where he earned his Master’s Degree in 1992.
2. He has been at Illinois Tool Works for over 20 years
Santi was brought on board at Illinois Tool Works in 1983. He wasn’t hired in a high ranking executive position when he started out. Instead, he was involved in a variety of marketing, sales and general management positions. He worked his way up through the management channels of the company. He was appointed as an executive vice president in 2004. He was made president in 2012 and also appointed as the CEO and he took control of the leadership of the company.
3. He sits on multiple boards
Santi’s expert opinion is valued by a number of companies on organizations. Important decisions are made by boards of directors and boards of trustees. Ernest Scott Santi is a Trustee of the Manufacturers Alliance for Productivity and Innovation, Inc. and he’s a General Trustee for the Rush University Medical Center since 2010. He’s also an independent director for W.W. Grainger, Inc. since 2012, as well as Vice Chairman of the Board for the Federal Reserve Bank of Chicago.
4. He has a high annual salary
Ernest Scott Santi makes an annual salary of $1,253.684. He also received Restricted Stock Awards in the amount of $2,624,896 and several other types of financial compensation. In all his total compensation package was a whopping $17,109,870 for the 2017 year.
5. He’s an expert in construction products
Ernest Scott Santi is much more than an executive. He actually has a working knowledge of the goods that are sold and produced at Illinois Tool Works. He spent time in the sales and marketing force. This means that he had to understand how the products were made, how thy worked and what the benefits were to the end users. He is a wealth of information and it helps him to lead the company with proficiency.
6. He’s worked in multiple phases of the company
It’s important to understand that Illinois Tool Works is a massive company with many different divisions. Throughout his 22 years with the business, hes served in management positions in their ITW Vortc division as well as their Hobart Ground Power business, their Welding Products Group as well as the business in Europe and in Asia.
7. His net worth is in the millions
As of 2018, it was estimated that Ernest Scott Santi’s net worth exceeds $33 million. In addition to the high salary that he makes along with perks and benefits, he has also traded some of his stocks. Although $17 million is a high figure, he also pays taxes on that figure. He’s done very well in his financial affairs and manages his assets very well.
8. He was appointed CEO after the death of his predecessor
Mr. Santi was promoted to the position of CEO after David Speer, the previous CEO passed away. Speer had been having medical issues and he stepped away from the position to concentrate on medical concerns prior to his passing. His step-down was intended to be temporary, but his health went the other direction. Santi was the ideal candidate to step into the role.
9. He’s known as “one of the good guys”
A former CEO with the company shared his opinion of Ernest Scott Santi, as well as how colleagues viewed him. He went on to say that “he is one of the good guys.” He elaborated further and discussed how much he is liked and appreciated and that he is a very approachable person.
10. He’s a respected and admired figure
E. Scott Santi is leading a company that he’s worked at for more than twenty years. During the time that he’s been there, he’s learned all the ins and outs of the business and he’s become acquainted with many of the staff members. He’s one of those leaders that has a passion for doing the right things for the business which includes treating everyone around him with respect. In turn, he’s highly respected and admired for his talents and his knowledge of the business.