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Illinois Tool Works Executive Compensation (FY25)

ITW · Executive and director compensation, fiscal 2022 to 2025

The Illinois Tool Works brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 19, 2026Latest filing (8-K): May 12, 2026
15 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Illinois Tool Works brief$1,500Get the executive brief
348 figures on this page: 337 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Christopher A. O'Herlihy
Latest say-on-pay support
=
May 8, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Christopher A. O'Herlihy: $10,932,645 → $15,211,011 (39.1% higher)
Say-on-pay support: 94.4% → 94.9% (0.5 points higher)
CEO pay ratio: 158:1 → 208:1 (31.6% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Illinois Tool Works' chief executive and what were they paid?
Christopher A. O'Herlihy was paid $15,211,011 in total compensation as President & Chief Executive Officer for fiscal 2025. O'Herlihy's total was 39.1% higher than the $10,932,645 reported for fiscal 2024.
What was Illinois Tool Works' say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.9% of votes cast including abstentions in favor at the meeting held May 8, 2026 for fiscal 2025.
Which companies are in Illinois Tool Works' peer group?
The disclosed peer group includes 3M Company, Caterpillar Inc., Cummins Inc., Deere & Company and Dover Corporation, among others.
What is Illinois Tool Works' chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 208:1, against median employee compensation of $73,094.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
E. Scott Santi
Former Executive Chairman and Current Non-Executive Chairman
◇—◇◇◇◇◇◇
Christopher O'Herlihy
President & Chief Executive Officer
◇—◇◇◇—◇◇
Michael Larsen
Senior Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Mary Lawler
Senior Vice President and Chief Human Resources Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
E. Scott Santi
Former Executive Chairman and Current Non-Executive Chairman
◇—◇◇◇◇◇◇
Christopher O'Herlihy
President & Chief Executive Officer
◇—◇◇◇◇◇◇
Michael Larsen
Senior Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Mary Lawler
Senior Vice President and Chief Human Resources Officer
◇—◇◇◇—◇◇
Axel R.J. Beck
Executive Vice President
◇—◇◇◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher O'Herlihy
President & Chief Executive Officer
◇—◇◇◇◇◇◇
Michael Larsen
Senior Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
E. Scott Santi
Former Executive Chairman and Current Non-Executive Chairman
Departed during or after this year
◇—◇—◇◇◇◇
Mary Lawler
Senior Vice President and Chief Human Resources Officer
◇—◇◇◇—◇◇
T. Kenneth Escoe
Executive Vice President
◇—◇◇◇—◇◇
Axel R.J. Beck
Executive Vice President
◇—◇◇◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher A. O'Herlihy
President & Chief Executive Officer
◇—◇◇◇◇◇◇
Michael M. Larsen
Senior Vice President and Chief Financial Officer
◇—◇◇◇—◇◇
Mary K. Lawler
Senior Vice President and Chief Human Resources Officer
◇—◇◇◇—◇◇
Axel R.J. Beck
Executive Vice President
◇—◇◇◇◇◇◇
T. Kenneth Escoe
Executive Vice President
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Axel R.J. BeckOPTION◇——◇—◇◇
Axel R.J. BeckPSU◇—————◇
Christopher A. O'HerlihyPSU◇—————◇
Christopher A. O'HerlihyOPTION◇——◇—◇◇
Christopher A. O’HerlihyOptions/SARs◇——◇—◇◇
Christopher A. O’HerlihyPSU◇◇◇◇◇—◇
Mary K. LawlerOPTION◇——◇—◇◇
Mary K. LawlerPSU◇—————◇
Michael M. LarsenPSU◇—————◇
Michael M. LarsenOPTION◇——◇—◇◇
T. Kenneth EscoePSU◇—————◇
T. Kenneth EscoeOPTION◇——◇—◇◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
T. Kenneth EscoeOption◇—◇02/9/2034
Option◇—◇02/11/2032
Option◇—◇02/10/2033
Option◇—◇02/14/2035
PSU◇◇——
PSU◇◇——
PSU◇◇——
Axel R.J. BeckOption◇—◇02/9/2034
Option◇—◇02/10/2033
Option◇—◇02/14/2035
PSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇02/11/2032
Mary K. LawlerOption◇—◇02/9/2034
Option◇—◇02/11/2032
Option◇—◇02/14/2035
PSU◇◇——
Option◇—◇02/10/2033
PSU◇◇——
PSU◇◇——
Michael M. LarsenOption◇—◇02/11/2032
PSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇02/9/2034
Option◇—◇02/10/2033
Option◇—◇02/14/2035
Christopher A. O'HerlihyOption◇—◇02/11/2032
PSU◇◇——
Option◇—◇02/9/2034
Option◇—◇02/14/2035
PSU◇◇——
PSU◇◇——
Option◇—◇02/10/2033
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Axel R.J. Beck
Executive Vice President · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Excise tax treatment◇
Mary K. Lawler
Chief Human Resources Officer · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Excise tax treatment◇
Clawback◇
Michael M. Larsen
Chief Financial Officer · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Excise tax treatment◇
T. Kenneth Escoe
Executive Vice President · citing a 2026 filing
Severance multiple◇
Change-in-control multiple◇
Excise tax treatment◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
E. Scott Santi
Board chair
◇◇———◇◇
Richard H. Lenny
◇◇———◇◇
Pamela B. Strobel
◇◇———◇◇
David B. Smith Jr
◇◇———◇◇
Jay L. Henderson
Lead independent director
◇◇————◇
Susan Crown
◇◇———◇◇
Daniel J. Brutto
◇◇———◇◇
Kelly J. Grier
◇◇———◇◇
James W. Griffith
◇◇———◇◇
Jaime Irick
◇◇———◇◇
Darrell L. Ford
◇◇————◇
Jennifer F. Scanlon served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • 3M Company MMM
  • Caterpillar Inc. CAT
  • Cummins Inc. CMI
  • Deere & Company DE
  • Dover Corporation DOV
  • Eaton Corporation plc ETN
  • Ecolab Inc. ECL
  • Emerson Electric Co. EMR
  • Fortive Corporation FTV
  • General Dynamics Corporation GD
  • Honeywell International Inc. HON
  • Johnson Controls International plc JCI
  • Operating Income Growth vs. Prior Year symbol not shown
  • Parker-Hannifin Corporation PH
  • PPG Industries, Inc. PPG
  • Rockwell Automation, Inc. ROK
  • Stanley Black & Decker, Inc. SWK
  • Target TGT
  • Trane Technologies plc TT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 8, 2026=◇◇◇
2024May 2, 2025=◇◇◇
2023May 3, 2024=◇◇◇
2022May 5, 2023=◇◇◇
2021May 6, 2022=◇◇◇
2020May 7, 2021=◇◇◇
2019May 8, 2020=◇◇◇
2018May 3, 2019=◇◇◇
2017May 4, 2018=◇◇◇
2016May 5, 2017=◇◇◇
2015May 6, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Illinois Tool Works disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Illinois Tool Works sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
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Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
348 figures on this page: 337 cited to the filing that reported them, 11 calculated from figures it prints.
337 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000049826-26-000030
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-127599
    Director Compensation · Employment Agreement · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End 2025 · and 2 more sections
  3. 0000049826-25-000023
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000950170-25-042901
    Summary Compensation Table
  5. 0000049826-24-000024
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000049826-24-000012
    Summary Compensation Table
  7. 0000049826-23-000029
  8. 0000049826-23-000017
    Summary Compensation Table
  9. 0000049826-22-000031
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000049826-21-000044
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0000049826-20-000084
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000049826-19-000074
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000049826-18-000073
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000049826-17-000110
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001193125-16-588819
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Illinois Tool Works executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/ITW (accessed 2026).
Short form: data: Velarion

The Illinois Tool Works brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Illinois Tool Works discloses

The companies named in ITW's own disclosed peer group.

3M CompanyCaterpillar Inc.Cummins Inc.Deere & CompanyDover CorporationEaton Corporation plcEcolab Inc.Emerson Electric Co.Fortive CorporationGeneral Dynamics CorporationHoneywell International Inc.Johnson Controls International plcParker-Hannifin CorporationPPG Industries, Inc.Rockwell Automation, Inc.Stanley Black & Decker, Inc.TargetTrane Technologies plc

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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