Stanley Black & Decker taps new chief executive
Allan credited with driving ‘growth and transformation strategy’
Stanley Black & Decker Inc. announced Wednesday that Chief Financial Officer Donald Allan Jr. will become chief executive officer July 1, succeeding James Loree, who led the New Britain tool manufacturer through several acquisitions while also taking an active role in Connecticut’s business community.
Since coming to Stanley Black & Decker in 1999, Allan, 58, has been “instrumental in driving the company’s growth and transformation strategy,” said Andrea J. Ayers, chair of the board of directors.
Allan has shared responsibility for global operations and supply chain, and has overseen Stanley’s security business, the Outdoor Products Group and Asia Tools & Storage. He has also led finance, information technology, margin resiliency and advanced analytics.
Ayers credited Loree, 63, for leading Stanley Black & Decker through a period of significant growth, increasing annual revenue to more than $19 billion expected this year from $11 billion when he took the top job in 2016.
Allan said that following several divestitures, Stanley Black & Decker is a “more focused and streamlined company, with leading franchises that serve the construction, outdoor, and industrial markets.”
Corbin Walburger, vice president of corporate business development, was appointed interim CFO as the board seeks a successor.
The company also said it will rebalance $200 million to $250 million of annualized investments to bolster its supply chain and improve productivity. It expects the plan to generate about $1 billion of value in the next five years in addition to supporting growth in the tools and outdoor businesses.
Among Stanley Black & Decker’s deals initiated by Loree was a $900 million acquisition of the Craftsman brand of tools from Sears in 2017. A year later it introduced 1,200 redesigned tools popular with professional contractors and do-it-yourself homeowners and extended its reach into the lawn and garden market.
Loree was a member of a state panel that recommended numerous policy changes to improve Connecticut’s competitiveness and fiscal condition. He’s been outspoken on the state’s finances and economy, urging the governor and General Assembly to do more to promote economic growth.
Stanley Black & Decker also has partnered with the city of Hartford to establish the Parkville innovation district.