Company reaffirms financial outlook for full year 2022.

License Global

June 1, 2022

2 Min Read
Stanley Black & Decker logo.Stanley Black & Decker

Stanley Black & Decker has announced its board of directors has named current president and chief financial officer, Donald Allan, Jr., as the company's next chief executive officer, effective July 1. Allan will succeed James M. Loree, who has served as chief executive officer since 2016. Upon assuming his new role, Allan will join the board and retain his title as president. The company has also appointed Corbin Walburger as interim chief financial officer, effective July 1. 

"Don Allan's appointment reflects the board's succession planning, and in naming him as our next chief executive officer, we have chosen a world-class executive with exceptional experience and leadership skills,” says Andrea J. Ayers, chair, board of directors. “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 organization 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. 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." 

Allan is a 23-year veteran of Stanley Black & Decker, focusing on driving strategic, long-term profitable growth and overseeing the execution and advancement of the company's operating model. Allan has shared responsibility for global operations and supply chain, and has overseen the Stanley Security business, the outdoor products group and Asia tools and storage.  

Walburger has been with Stanley Black & Decker for 14 years and currently serves as vice president, corporate business development with global leadership responsibility for mergers, acquisitions and divestitures, as well as the company's corporate venture initiative.  

"It has been an enormous privilege to serve as chief executive officer of this iconic company,” says Loree. “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 chief executive officer, and I am confident that the company has a bright future ahead. 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 honored to be named chief executive officer and appreciate the board's trust and support,” says Allan. “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. I am very pleased that Corbin Walburger has agreed to serve as our interim chief financial officer. He brings impressive experience and expertise to his new role. 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." 

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