Press Release

ITW Executive Russell M. Flaum Receives Lake Forest Graduate School of Management's 2008 Distinguished Alumni Award

Lake Forest, IL – July 23, 2008

Lake Forest Graduate School of Management (LFGSM) recently honored Russell M. Flaum with its 2008 Distinguished Alumni Award for Professional Achievement. Flaum, who earned his Lake Forest MBA with high honors in 1984, is Executive Vice President of ITW, where he oversees the $2.7 billion, 7,500-employee Global Industrial Packaging Systems business.

LFGSM honored Flaum during a ceremony just prior to its 2008 Commencement Ceremonies on June 29, 2008. Accepting the Award, he reflected on the impact the Lake Forest MBA program has had on his career. Among other things, LFGSM gave Flaum the tools and know-how that helped him assume a greater leadership role in his organization, including the skills he needed to seize the opportunities that arose when his former company, Signode Packaging Systems, was acquired by ITW in 1986 — just two years after he earned his MBA.

"With its practical business education model and the energy students and faculty exchange both in and out of the classroom, LFGSM is the best choice among MBA programs in the area," Flaum said. "I think my many fellow ITW executives who also hold Lake Forest MBAs would agree."

The Distinguished Alumni Award was established in 2007 to highlight the talents and successes of LFGSM's nearly 7,500 alumni. The Award is granted annually in two categories: Professional Achievement and Service Achievement. The Distinguished Alumni Award for Professional Achievement is made to an alumnus, nominated by fellow LFGSM alumni, for outstanding career achievement and professional contributions that benefit both his or her organization and the community, thus honoring the values upon which LFGSM was founded.

"Russell Flaum is truly deserving of this honor," said Joan Steltmann, LFGSM's Vice President, Enterprise Advancement. "He is a strong leader who has consistently guided ITW in taking advantage of new innovations and the changing business environment to build an ongoing record of increasing business success. In addition, Russell has been generous in sharing his expertise beyond ITW with his years of service on various boards of corporate, not-for-profit and trade organizations."

Flaum currently is Director and Executive Committee Member for the National Association of Manufacturers (NAM). In addition he serves as the Illinois Regional Chair for NAM and was recently elected to the Advisory Board of Z Capital Partners, LLC in Lake Forest, Illinois. He is a former Director of Evanston Northwestern Healthcare, Ryerson Inc., Quanex Corporation, and Lake Forest Graduate School of Management.

Mr. Flaum began his career with ITW by joining Signode Corporation, a division of ITW, as a sales representative in 1975. From 1975 through 1986, Flaum held several marketing positions leading up to VP, Marketing in 1986. He became President of Signode's U.S. business in 1990, until elected to his current position in 1992. He holds a BA degree in Psychology from Vanderbilt University, and an MBA from Lake Forest Graduate School of Management.