Sycamore, Ill.—Jim James, chairman and CEO of Ideal Industries, has announced he will retire on Jan. 31, 2020. Steve Henn, a Group President from Illinois Tool Works (ITW), has succeeded James as CEO. As long planned, Meghan Juday, a fourth-generation family executive, will become the chairman of the 103-year old family company on Feb. 1, 2020.
James announced his decision to the family and Board of Directors over two years ago. “I believe that after 11 years or so, it’s time others get an opportunity to make their mark on the organization,” said James. “I want to thank Dave Juday (preceding Chairman), Meghan Juday and the rest of the family for their trust, confidence and continual support over the years. I love the family. It has been an honor and privilege to work for them. They’ve made me feel like family.”