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To further support Stanley Black & Decker's organic growth imperatives, the Company plans to rebalance $200- $250 million of current annualized investments to fund incremental commercial, engineering, and supply chain resources to further accelerate supply chain productivity. Our strong leadership team is committed to capitalizing on our organic growth catalysts, enhancing operational execution through price realization and cost prioritization, transforming the supply chain, and successfully completing our outdoor integrations and security divestitures."
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"Looking ahead, with our recent portfolio actions, Stanley Black & Decker is a more focused and streamlined company, with leading franchises that serve the construction, outdoor, and industrial markets. He brings impressive experience and expertise to his new role. I am very pleased that Corbin Walburger has agreed to serve as our Interim CFO. I look forward to working with our 60,000 outstanding employees, as we navigate through the challenges of the current market environment and execute on our strategy to deliver value to our customers and shareholders. Allan said, "I am honored to be named CEO and appreciate the Board's trust and support. I've worked closely with Don Allan for the past 23 years, and I am pleased to pass the baton to a leader of his extraordinary caliber." I am exceptionally proud of all we have been able to accomplish during my career at Stanley Black & Decker, particularly over the past six years as CEO, and I am confident that the Company has a bright future ahead. Loree said, "It has been an enormous privilege to serve as CEO of this iconic company. The Company has engaged Heidrick & Struggles to assist with the search for a permanent CFO. He joined the Company in 2008 following ten years at Goldman, Sachs & Company. Walburger has been with Stanley Black & Decker for 14 years and currently serves as Vice President of Corporate Business Development with global leadership responsibility for mergers, acquisitions and divestitures, as well as the Company's corporate venture initiative. He has also led Finance, Information Technology, Margin Resiliency, Industry 4.0 and Advanced Analytics. Allan has shared responsibility for Global Operations and Supply Chain, and has overseen the Stanley Security business, the Outdoor Products Group and Asia Tools & Storage. During his time as President and CFO, he has focused on driving strategic, long-term profitable growth and has overseen the execution and advancement of the Company's operating model. Allan is a seasoned leader and 23-year veteran of Stanley Black & Decker who has played a key role in the Company's evolution to become the world's leading tool company. We are grateful to Jim for building the foundation for the Company's next period of growth and value creation." Notably, he led the Company through a period of significant growth, increasing annual revenues from continuing operations from $11 billion in 2016 to over $19 billion expected in 2022. 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. Ayers added, "The Board greatly appreciates Jim Loree's leadership during his tenure at the Company.
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He is ideally suited to lead Stanley Black & Decker through its next stage of growth, and we expect a very smooth transition of leadership." He is well respected throughout the organization as well as among our valued customers and the investment community. Since arriving at the Company in 1999, Don has been instrumental in driving the Company's growth and transformation strategy. Ayers, Chair of the Board of Directors, said, " 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. Also, as part of today's announcement, the Company has appointed Corbin Walburger to serve as Interim Chief Financial Officer, effective July 1, 2022.Īndrea J. Allan will join the Board of Directors and retain his title as President. NEW BRITAIN, Conn., J/PRNewswire/ - Stanley Black & Decker (NYSE: SWK) today announced that its Board of Directors has named Donald Allan, Jr., currently President and Chief Financial Officer, the Company's next Chief Executive Officer, effective July 1, 2022.
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Company Reaffirms Financial Outlook for Full Year 2022