2009 Distinguished Executive
2009 Distinguished Executive David B. Speer with LFGSM Board chair Joan H. Bailar.
David B. Speer, Chairman & CEO, Illinois Tool Works Inc., Named Lake Forest Graduate School of Management Distinguished Executive for 2009
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Lake Forest Graduate School of Management (LFGSM) recently honored David B. Speer with its Distinguished Executive Award for 2009.
A highly respected business and community leader, Speer accepted the Award and delivered the Commencement Address to the LFGSM Class of 2009 at graduation ceremonies held in the Navy Pier Grand Ballroom on June 28, 2009.
Mr. Speer is Chairman and Chief Executive Officer of Illinois Tool Works Inc. (ITW), a Fortune 200 diversified manufacturer of highly engineered components and industrial systems and consumables with revenues of $17 billion.
The company is headquartered in Glenview, Illinois, and consists of approximately 895 decentralized operations in 54 countries and employs some 59,000 people globally.
Speer first joined ITW in 1978 and has been involved in the company’s global operations since 1994. He was named President of ITW in 2004, was appointed CEO in 2005, and in 2006 assumed the additional role of Chairman.
Each year since 1978, LFGSM has presented the Distinguished Executive Award to an exceptional business leader who demonstrates managerial excellence and has been an exemplar of the highest performance standards and business ethics. Recipients of this Award stand out as role models for the School’s students and alumni, as well as the wider business community LFGSM serves.
To qualify for the Award, candidates must demonstrate world-class leadership, support higher education, apply business leadership through volunteerism, show dedication to Chicago through community support, and express high personal character and ethical values.
“David Speer exhibits all of these qualities and we are pleased to honor him as our Distinguished Executive for 2009,” said John Popoli, President & CEO of LFGSM. “It was not only his business accomplishments that drew our attention to him, but also Mr. Speer’s active involvement in education and sincere passion for lifelong learning.”
In this regard, Speer contributes his time and talents with business professionals and future business leaders through frequent speaking and teaching engagements at universities both in Chicago and nationally. He also generously shares his business expertise with younger learners, helping to build their appreciation and knowledge of business by teaching and serving on the board of Junior Achievement.
In his Commencement Address, Speer drew from his own experiences to advise the graduates on their journey as future business leaders in uncertain economic times.
“This is the challenging environment you will be operating in, likely for some time,” he explained. Noting the clear failure of leadership that led to the current economic crisis, Speer urged the graduates to put the skills they have learned in their studies into action: “We need your minds, your energies and your leadership to help make the positive changes required to create a stable and prosperous economy once again. Today represents a unique opportunity for leaders like you to put things on the right track again.”
Sharing his advice, Speer described three key elements that will aid the graduates’ future career and life success: values-based leadership, life balance, and global perspective.
“Values are what will define you as a leader and represent what is important to you. It is the values you display in your life that will inspire others to follow,” he said. Acknowledging that the graduates will face many challenges as leaders, Speer urged, “If you only remember one message from my remarks today, remember that strong values-based leadership is one of the real keys to success.” Specifically, he explained that these values must be rooted in trust and respect for others, personal integrity, humility, an ability to inspire others to do their best, and compassion.
Further, Speer urged the graduates to find a balance between the virtues of commitment to career while maintaining a meaningful commitment to family and community. “Too much focus on one dimension of your life can diminish the importance of the others.”
Finally, Speer reflected on his first significant international leadership experience and subsequent experiences as CEO of a large multinational corporation. He advised the graduates to never lose sight of the need to understand and embrace the reality of today’s global connections. “I have learned to listen and respect those that know their local markets, resources and cultures better than me. Good ideas come from many places in your organizations but you have to be an active listener to hear them.”
Mr. Speer graduated from Iowa State University in 1973, earning a B.S. degree in Industrial Engineering. In 1977, he received an MBA from The Kellogg School of Management at Northwestern University.
Speer was recently elected Board Chair of the Executives Club of Chicago, a business forum for thought leadership, education, and best business practices.
He also serves on the boards of Deere & Company, Rockwell Automation, the Chicago Council on Global Affairs, Rush Medical Center, the Museum of Science and Industry, and the Economic Club of Chicago. He is a member of the Board of Trustees of Northwestern University, the Commercial Club, and The Business Council.