As the 2010 merger of The Stanley Works and Black & Decker SWK approaches its
third anniversary and the integration of the two companies nears completion,
the Board of Directors of Stanley Black & Decker 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.”
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