Stanley Black & Decker has announced that its board of directors has named Donald Allan, Jr, currently president and chief financial officer, as the company's next chief executive officer.
Donald Allan will succeed James M. Loree, who has served as CEO since 2016. Upon assuming his new role, Donald Allan will join the board of directors and retain his title as president. Also as part of the announcement, the Stanley Black & Decker appointed Corbin Walburger to serve as interim chief financial officer.
Andrea J. Ayers, chair of the board of directors, commented: "Don Allan's appointment reflects the board's succession planning, and in naming him as our next CEO, we have chosen a world-class executive with exceptional experience and leadership skills. Since arriving at the Company in 1999, Don has been instrumental in driving the company's growth and transformation strategy. He is well respected throughout the organisation as well as among our valued customers and the investment community. He is ideally suited to lead Stanley Black & Decker through its next stage of growth, and we expect a very smooth transition of leadership."
Andrea added: "The board greatly appreciates Jim Loree's leadership during his tenure at the company. His contributions to the strategic repositioning of the business, and his strong dedication to the company's key stakeholders, will be hallmarks of his legacy. Notably, he led the Company through a period of significant growth, increasing annual revenues from continuing operations from US$11 billion in 2016 to over US$19 billion expected in 2022. We are grateful to Jim for building the foundation for the company's next period of growth and value creation."
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