Frank S. Ptak
Senior Managing Director
As President and CEO of Marmon Holdings, Mr. Ptak tripled operating income to $1.4 billion. Marmon comprises more than 100 autonomous manufacturing and service businesses operating in 23 countries whose products range from commercial beverage dispensers to railroad tank cars. With 400 manufacturing, distribution, and service facilities worldwide, Marmon employs 20,000 people and creates over $8 billion in revenue.
Mr. Ptak led Marmon’s acquisition by Berkshire Hathaway Inc. in 2008 and subsequently reported directly to Berkshire Hathaway Chairman & CEO Warren Buffett. During Mr. Ptak’s thirteen-year tenure as CEO, Marmon grew organically by vastly expanding its portfolio of patented products that meet key customers’ most critical needs while also completing $3 billion worth of acquisitions. Mr. Ptak drove sustainable, profitable growth by implementing the 80/20 business model.
In 2014, Mr. Buffett asked Mr. Ptak to lead a team to acquire Duracell from Procter & Gamble. Today, Duracell is expanding, with $2.2 billion in revenues and significantly improved profit margins.
Before joining Marmon, Mr. Ptak completed a 30-year career with Illinois Tool Works Inc. (NYSE: ITW), serving as Vice Chairman of the $12.9 billion revenue diversified manufacturer of highly engineered components and industrial systems. During this tenure, he helped pioneer ITW’s 80/20 business model.
Mr. Ptak has served on many corporate boards, including Morningstar, Inc., Snap-on Incorporated, General Growth Properties, Inc., Hon Industries, Heller Financial, Inc., and Kemper Insurance. He served on the Board of Directors of World Business Chicago and Junior Achievement of Chicago as well as on the Civic Committee of the Commercial Club of Chicago. He is a past member of General Motors and Ford Motor Supplier Councils and served on the Board of Trustees of Manufacturers Alliance (formerly MAPI). Mr. Ptak graduated from DePaul University.