Frank S. Ptak

Retired Chariman and Chief Executive Officer
Marmon Holdings, Inc.

 

Frank Ptak was named President and CEO of Marmon Holdings, Inc. in January 2006 and served on Marmon's Board of Directors beginning in 2003. He was promoted to Chairman and CEO effective January 1, 2016. He retired from Marmon effective December 18, 2018.

Marmon Holdings comprise 13 diverse sectors and more than 100 autonomous manufacturing and service businesses. These businesses operate about 400 manufacturing, distribution, and service facilities worldwide and employ about 20,000 people. Revenues exceeded $7.7 billion in 2017 and are projected to exceed $8 billion in 2018. Under Mr. Ptak's leadership, Marmon's GAAP operating income grew by about 8 percent each year, compounded, nearly tripling to about $1.4 billion in 2017.

Mr. Ptak emphasizes sustainable, profitable growth driven by the 80/20 business model he helped pioneer at Illinois Tool Works Inc. (ITW) under ITW Chairman John Nichols and Jim Farrell. Mr. Nichols later installed 80/20 principles at Marmon when he became Marmon President and CEO in 2002. Upon succeeding Mr. Nichols at Marmon, Mr. Ptak accelerated application of 80/20 tenets including decentralized management of small, segmented businesses, an intense focus on highly-selective niche markets and products, innovation to build competitive moats, continuous improvement in efficiency and productivity, and acquisitions to enhance strategic direction. On Mr. Ptak's watch, Marmon has grown organically by vastly expanding its portfolio of patented products that meet key customers' most critical needs, while also completing about $3.2 billion worth of acquisitions in nearly 30 smaller bolt-on deals and two larger transactions.

With Mr. Nichols, who became Marmon Vice Chairman in 2006, Mr. Ptak led Marmon's acquisition by Berskshire Hathaway Inc. in 2008 and subsequently reported directly to Berkshire Hathaway Chairman & CEO Warren Buffett.

In 2014, Mr. Buffett asked Mr. Ptak to assemble and lead a team of Marmon senior managers to prepare for the acquisition of Duracell from highly-centralized Proctor & Gamble and to integrate the global battery business into Berkshire Hathaway as a stand-alone company. When the acquisition was completed in 2016, Marmon managers from the transition team became the top executives of Duracell. Today, Duracell is expanding, with $2.2 billion in revenues and much improved profit margins.

Mr. Ptak retired from Marmon at the end of 2018 and named Angelo Pantaleo, a 27-year Marmon executive, as his successor, thus providing for a seamless transition in senior leadership.

PROFESSIONAL BACKGROUND

Before joining Marmon, Mr. Ptak completed a 30-year career with ITW, serving as Vice Chairman of the $12.9 billion in revenues diversified manufacturer of highly engineered components and industrial systems and consumables. In addition to his staff duties, Mr. Ptak was responsible for nearly 60 percent of the businesses of ITW (about $8 billion in aggregate annualized sales) during his tenure. Mr. Ptak joined ITW in 1975 as Venture Project Manager of the Conex Division, which was involved in plastic packaging. He was named Marketing Manager of the Shakeproof Division in 1977. He became Shakeproof's General Manager in 1979 and was appointed President of the Shakeproof Group in 1985. Mr. Ptak became Executive Vice President-Automotive/Industrial Fasteners and Components in 1992. His staff duties were expanded when he was elected Vice Chairman of ITW in 1996. Mr. Ptak led numerous ITW acquisitions during his career.

Before joining ITW, Mr. Ptak was employed by Sara Lee Corporation for five years in a variety of assignments, most notably Assistant Treasurer, Assistant to the Chairman, and VP-Analysis and Planning. He also worked at Kemper Financial Services as a Venture Capital Manager and at Arthur Young & Co. as a Senior Auditor/Consultant.

EDUCATIONAL BACKGROUND

Mr. Ptak graduated from DePaul University in 1965 with a Bachelor of Science in Commerce and received his CPA certificate in Illinois in 1966. He is a member of the academic fraternities Beta Alpha Psi and Beta Gamma Sigma and received an award for Excellence in the Field of Finance from the Financial Executives Institute in 1965. He is a DePaul University College of Commerce Advisory Council member. In 2013, DePaul honored him with the degree of Doctor Humane Letters.

PROFESSIONAL AND CIVIC AFFILIATIONS

Mr. Ptak has served on many company boards, including Morningstar, Inc., Snap-on Incorporated, General Growth Properties, Inc., Hon Industries, Heller Financial, Inc., and Kemper Insurance. More recently, he served on the Board of Directors of World Business Chicago; the Board of Directors and Executive Committee of Junior Achievement of Chicago; and the Civic Committee of the Commercial Club of Chicago.

OTHER BUSINESS AFFILIATIONS

past member, Economic Club of Chicago, Executives' Club of Chicago, the Chicago Club, General Motors and Ford Motor Supplier Councils; served on Board of Trustees of Manufacturers Alliance (formerly MAPI); elected into "Who's Who in America" (Marquis' Who's Who). Other civic affiliations: past member, Board of Directors, Chicago Council on Global Affairs; past Chairman, ITW's United Way Campaign.