New Britain toolmaker Stanley Black & Decker said Wednesday morning CEO James M. Loree is stepping down from his position and will be replaced by current company President and Chief Financial Officer Donald Allan Jr.
Allan will take over as CEO July 1. He will also retain his president title and join the company’s board, Stanley announced.
The timing of the transition is a result of the company’s recent refocusing around the global tools and outdoor power equipment markets, Stanley officials said, making it a good time to “execute the board’s CEO succession plan.”
Stanley has made several major deals in recent months including agreeing to sell its automatic doors business Access Technologies to a European security products provider for $900 million, and its commercial electronic and healthcare security business lines to Securitas AB for $3.2 billion.
Allan, who is active in the Greater Hartford community, was promoted to president in May 2021. Loree has been CEO since 2016.
“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,” said Andrea J. Ayers, chair of Stanley’s 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.”
Stanley credited Loree with leading 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.
Allan is a 23-year veteran of Stanley Black & Decker who 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. He has also led finance, information technology, margin resiliency, Industry 4.0 and advanced analytics.
Stanley on Wednesday also reaffirmed its 2022 outlook, anticipating diluted earnings per share of $7.20 to $8.30 and free cash flow of $1 billion to $1.5 billion. It also named Corbin Walburger interim chief financial officer, effective July 1.
