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    Illinois Tool Works: Investor can name a director

    GLENVIEW, Ill. (AP) — Industrial equipment maker Illinois Tool Works Inc. said Friday that investment firm Relational Investors LLC will have the option to appoint a director to ITW's board.

    Illinois Tool Works said Relational will have the option to appoint its principal and co-founder, David Batchelder, to the board. It can make the appointment after the company's 2012 investor meeting and at least two months before its 2013 investor meeting. If Relational nominates Batchelder, ITW will nominate him to a new one-year term the next year. In return, Relational will support the company's other nominees to the board.

    ITW usually holds its annual meetings in December.

    Relational began buying shares of Illinois Tool Works in 2011, and owned about 2.1 percent of the company's stock at the end of 2011.

     

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