- Push-out Score determined
- After about six years in the position
- Accolades, praise and thanks for Loree
- Don Allan taking over
- Loree said 80 words
(exechange) — New Britain, Connecticut, June 1, 2022 — Jim Loree, chief executive of Stanley Black & Decker, leaves. As announced by Stanley Black & Decker Inc. in a news release and in a regulatory filing published on Wednesday, June 1, 2022, James M. (Jim) Loree leaves his post as chief executive officer at the tool company, after about six years in the role, effective July 1, 2022.
Jim Loree’s duties as CEO will be taken over by Donald (Don) Allan, currently President and Chief Financial Officer at Stanley Black & Decker Inc.
“Also, as part of today’s announcement, the Company has appointed Corbin Walburger to serve as Interim Chief Financial Officer, effective July 1, 2022”, Stanley Black & Decker stated.
“A world-class executive with exceptional experience and leadership skills”
Stanley Black & Decker did not give an explicit reason for Jim Loree’s departure from the CEO post. Andrea J. 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.”
Precise information regarding Jim Loree’s future plans was not immediately available.
Stanley Black & Decker said: “Mr. Allan will succeed James M. Loree, who has served as CEO since 2016.”
Share price decline since June 2021
The announcement follows a decline in Stanley Black & Decker Inc.’s share price of 45% since June 2021.
In the position of CEO since 2016
Jim Loree became CEO of the Company in 2016.
Loree joined the Company in July 1999 as Vice President, Finance and Chief Financial Officer.
He was named Executive Vice President and Chief Financial Officer in September 2002, Executive Vice President and Chief Operating Officer in January 2009, President and Chief Operating Officer in January 2013, and President and Chief Executive Officer of the Company in July 2016.
Before he joined the Company, Loree held positions of increasing responsibility in financial and operating management in industrial businesses, corporate and financial services at General Electric from 1980 to 1999.
Loree served on the board of Harsco Corporation from 2010 to 2016 and as Chair of Harsco’s Audit Committee for three years during that period.
Loree currently serves on the board of Whirlpool Corporation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Loree’s move on a scale of 0 to 10.
exechange reached out to Stanley Black & Decker and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2022 ($).