New CEO named to succeed Loree
NEW BRITAIN — Tool making giant Stanley Black & Decker has named a 23year veteran of the company to succeed Chief Executive Officer James Loree.
Stanley Black & Decker’s board of director’s announced Wednesday that Donald Allan Jr., who is currently president and chief financial officer, has been selected to become the company’s new CEO, starting July 1. Loree became CEO in 2016 and will also leave his spot on the company’s board once the transition with Allan occurs.
A company spokeswoman, Debora Raymond, said
Loree’s departure from the company had not been previously announced.
“With the recent strategic refocusing of the business around our leadership positions in the global tools and outdoor power equipment markets in place, the time was right for this transition as Stanley Black & Decker looks to drive its next phase of growth across this more focused strategy,” Raymond said in a written statement.
Andrea J. Ayers, chairwoman of the board, said Allan’s appointment “reflects the Board’s succession planning.”
“We have chosen a world-class executive with exceptional experience and leadership skills,” Ayers said in a written statement regarding Allan’s promotion. “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.”
Allan said Stanley Black & Decker has become “a more focused and streamlined company, with leading franchises that serve the construction, outdoor, and industrial markets.”
“Our strong leadership team is committed to capitalizing on our organic growth catalysts, enhancing operational execution through price realization and cost prioritization, transforming the supply chain, and successfully completing our outdoor integrations and security divestitures,” Allan said in a statement.
Ayers praised Loree’s accomplishments during his tenure as CEO.
“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,” she said.
Loree called serving as Stanley Black & Decker’s CEO “an enormous privilege.”
Loree joined the company in 1999, when it was known as Stanley Works, after having worked for 19 years at General Electric. He started out at Stanley as the company’s vice president and chief financial officer.
Outside of the company, Loree was active in leading efforts to improve Connecticut’s business climate. Starting in 2017, he served on an ad-hoc commission — The Commission on Fiscal Stability and Economic Growth — that developed a set of proposals to make the state a more attractive place for businesses.
Following the release of the group’s findings in March 2018, Connecticut Gov. Ned Lamont chose Loree to serve on the board of the Connecticut Economic Resource Center, a nonprofit corporation seeking to foster business formation, recruitment, and growth in Connecticut. The group is now known as AdvanceCT.