Industrial equipment maker Illinois Tool Works Inc. said Friday a member of the company's founding family has been elected to the board of directors.
David B. Smith Jr. is executive vice president for policy and legal affairs and general counsel at the Mutual Fund Directors Forum in Washington D.C. The organization is a nonprofit organization that serves independent directors of U.S. mutual funds.
Smith's uncle, Harold B. Smith, is set to retire from the board in May, the company said. The Smith family founded ITW in 1912.
Shares fell 2 cents, to $48.28 in afternoon trading.
