Illinois Tool Works (NYSE: ITW) appoints new principal accounting officer
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Illinois Tool Works Inc. announced a planned leadership transition in its accounting function. Vice President & Chief Accounting Officer and Principal Accounting Officer Randall J. Scheuneman will step down from his role effective June 30, 2026 and retire from the company effective March 1, 2027, remaining as an advisor until then. The company states his retirement is not due to any disagreement regarding financial statements, internal control over financial reporting, operations, policies, or practices.
Matteo C. Pigozzo, age 55, will become Vice President & Chief Accounting Officer and Principal Accounting Officer effective July 1, 2026, as part of long-term succession planning. He has held progressively senior roles since joining in 2006 and most recently served as Vice President & Corporate Controller. The filing notes no material changes to his compensation, no selection through special arrangements, no family relationships with directors or executives, and no related-party transactions requiring disclosure.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Retirement effective date: March 1, 2027
Step-down from current role: June 30, 2026
New appointment effective date: July 1, 2026
+5 more
8 metrics
Retirement effective date
March 1, 2027
Randall J. Scheuneman retirement from Illinois Tool Works
Step-down from current role
June 30, 2026
Scheuneman ends service as VP & Chief Accounting Officer
New appointment effective date
July 1, 2026
Matteo C. Pigozzo becomes VP & Chief Accounting Officer
Matteo Pigozzo age
55 years
Age of incoming principal accounting officer
Service at ITW
Since 2006
Pigozzo’s tenure with Illinois Tool Works
Euro Notes due 2027 coupon
0.625%
Illinois Tool Works 0.625% Euro Notes due 2027 listed
Euro Notes due 2028 coupon
3.250%
Illinois Tool Works 3.250% Euro Notes due 2028 listed
Euro Notes due 2034 coupon
3.00%
Illinois Tool Works 3.00% Euro Notes due 2034 listed
Key Terms
Principal Accounting Officer, internal control over financial reporting, succession planning, Regulation S-K, +1 more
5 terms
Principal Accounting Officer financial
"Vice President & Chief Accounting Officer and Principal Accounting Officer of Illinois Tool Works Inc."
The Principal Accounting Officer is the person responsible for making sure a company's financial records are accurate and follow the rules. They play a key role in preparing financial reports that show how well the company is doing. This helps investors, managers, and regulators trust the company's financial information.
internal control over financial reporting financial
"not due to any disagreement with the Company on any matter relating to the Company's financial statements, internal control over financial reporting, operations"
Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.
succession planning financial
"In conjunction with this transition and consistent with our long-term succession planning, Matteo C. Pigozzo"
A company’s plan for identifying and preparing people to take over key roles when leaders leave, retire, or are unable to work. Like a sports team’s bench and playbook, it ensures someone ready can step in quickly so operations, strategy and investor confidence aren’t disrupted; investors watch it because solid succession planning reduces the risk of sudden leadership gaps that can hurt performance and stock value.
Regulation S-K regulatory
"there are no transactions between Mr. Pigozzo and the Company that would require disclosure under Item 404(a) of Regulation S-K."
A set of U.S. Securities and Exchange Commission rules that tell public companies which narrative and qualitative details must be disclosed in filings, such as risk factors, management discussion, executive pay, legal proceedings and business description. Think of it as a standardized checklist or blueprint that ensures investors get the same types of background information from every company so they can compare risks, management quality and strategy before making investment decisions.
emerging growth company regulatory
"405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
FAQ
What leadership change did Illinois Tool Works (ITW) disclose in this 8-K?
Illinois Tool Works disclosed a planned transition in its top accounting role. Randall J. Scheuneman will retire, and Matteo C. Pigozzo will become Vice President & Chief Accounting Officer and Principal Accounting Officer effective July 1, 2026, as part of long-term succession planning.
When is Illinois Tool Works (ITW) Chief Accounting Officer Randall Scheuneman retiring?
Randall J. Scheuneman plans to retire from Illinois Tool Works effective March 1, 2027. He will step down from his Vice President & Chief Accounting Officer and Principal Accounting Officer role on June 30, 2026, and continue as an advisor to the company until his retirement date.
Who is Matteo C. Pigozzo and what role will he assume at Illinois Tool Works (ITW)?
Matteo C. Pigozzo will become Illinois Tool Works’ Vice President & Chief Accounting Officer and Principal Accounting Officer on July 1, 2026. Age 55, he joined in 2006 and most recently served as Vice President & Corporate Controller, with earlier experience as an auditor at Deloitte & Touche LLP.
Were there compensation changes tied to Matteo Pigozzo’s new role at Illinois Tool Works (ITW)?
The company reported no material changes to Matteo C. Pigozzo’s compensation arrangements in connection with his new role. The filing also notes he was not selected through any special arrangement with another person and has no familial relationships with directors or executive officers.