M. Anthony Burns is stepping off the board of New Britain’s Stanley Black & Decker Inc., the New Britain company says.
In a filing with the Securities and Exchange Commission, Burns said he is leaving because he has agreed to an invitation to serve on the board of another unnamed company and that he is concerned about his overall personal and business time commitments.
The company wished him well and said he will not stand for re-election at Stanley Black & Decker’s May 20 annual meeting.
According to Fox Business News, after Black & Decker was acquired by Stanley, former Black & Decker chief executive Nolan D. Archibald received a $90 million compensation package, approved by Burns.
Later, the company disclosed that Burns and Archibald both had investments in a Utah golf resort, Fox reports. Black and Decker admitted it had known about the investment but did not disclose it because it considered it private investments.
The lack of disclosure lead to a rebuke from the New York Stock Exchange but no formal action was taken.
