NEW BRITAIN, Conn.--(BUSINESS WIRE)--Jan. 14, 2013--
As the 2010 merger of The Stanley Works and Black & Decker approaches
its third anniversary and the integration of the two companies nears
completion, the Board of Directors of Stanley Black & Decker (NYSE:SWK)
announced that John F. Lundgren, Chief Executive Officer, has been
elected to serve in the additional capacity as Chairman of the Board of
the Company, effective March 13, 2013, following the expiration of Nolan
D. Archibald’s term as Executive Chairman of the Board.
Mr. Archibald’s Employment Agreement with the Company expires on March
12, 2013, at which time Mr. Archibald will retire as Executive Chairman
of the Board and as an executive of the Company. Mr. Archibald will not
stand for reelection as a Director of the Company at its April 16,
2013 Annual Meeting of Shareholders. Mr. Lundgren commented, “Nolan
Archibald’s role in establishing the combined organization while guiding
and supporting the management team as it drove $500 million in synergy
achievement versus an original target of $350 million has been
invaluable. Black & Decker shareholders prior to the merger have
realized more than a 100% increase in their investment in less than 3
years despite the challenging macro economic conditions. In addition to
the many achievements and milestones over his 27 year tenure with the
company, Nolan’s legacy will include the creation of the world’s
largest, and arguably strongest and most valuable branded tools
franchise. We wish him continued success, good health and happiness as
he pursues a full schedule of family, extracurricular and other business
activities.”
Separately, the Board of Directors announced that James M. Loree,
formerly Executive VP and Chief Operating Officer, has been elected to
serve as President and Chief Operating Officer, effective January 13,
2013. Further, Mark J. Mathieu, Senior VP, Human Resources will retire
on March 31, 2013, at which time Mr. Mathieu will be succeeded by Joseph
R. Voelker, currently VP Human Resources. Mr. Loree and Mr. Voelker will
report to Mr. Lundgren. “Jim Loree has been a highly respected and
critical member of the senior management team since joining the Company
in 1999 as CFO. He was among the earliest and most influential
architects of the company’s portfolio transition strategy in place since
2004 and his subsequent expanded roles are demonstrative of his numerous
broad based accomplishments during his 13 year tenure.” Mr. Lundgren
continued, “It is difficult if not impossible to quantify Mark
Mathieu’s positive impact on both our performance and our culture since
he joined the company in 1997. We are fortunate to have an experienced
and highly capable internal successor such as Joe Voelker who was
identified and developed through the performance management and
succession planning processes that Mark established and implemented over
the past 15 years. Mark’s wisdom, objectivity, guidance and candor will
nonetheless be truly missed.”
The Company will report its fourth quarter and full year 2012 results on
January 24th, 2013. As communicated in a release on December
17th, the Company’s fourth quarter and full year guidance for continuing
operations, excluding M&A charges, remains unchanged at $1.28 for the
fourth quarter and $4.60 for the full year 2012. This excludes the
results of the divested HHI business; an 8K was filed with the recasted
financials for 2011 and the first three quarters of 2012 on Monday,
January 7th.
Stanley Black & Decker, an S&P 500 company, is a diversified global
provider of hand tools, power tools and related accessories, mechanical
access solutions and electronic security solutions, engineered fastening
systems, healthcare solutions, infrastructure solutions and more. Learn
more at www.stanleyblackanddecker.com.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding Stanley Black & Decker,
Inc.’s business which are not historical facts are “forward-looking
statements” that involve risks and uncertainties which could cause
actual results to differ from those contained in the forward-looking
statements. For a discussion of risks and uncertainties, see “Risk
Factors” in the Company’s Annual Report on Form 10-K and any material
changes set forth in any subsequent Quarterly Reports on Form 10-Q or
those contained in the Company’s other filings with the Securities and
Exchange Commission. The Company makes no commitment to update any
forward-looking statements to reflect events or circumstances occurring
or existing after the date of any forward-looking statement.
Source: Stanley Black & Decker
Stanley Black & Decker
Kate White Vanek, 860-827-3833
Vice
President, Investor & Government Relations
kate.vanek@sbdinc.com
or
Tim
Perra, 860-826-3260
Director, Global Communications, Stanley Black
& Decker
tim.perra@sbdinc.com
