Stanley Black & Decker, Inc.

Stanley Black & Decker will be getting a new chairman in 2017.

George Buckley, current lead independent director, will become chairman effective Jan. 1, 2017.

He will succeed John Lundgren, who retired as CEO in July after more than 12 years with the company, and has been serving as chairman until year-end. Lundgren will serve as a special adviser to the company through April 30, 2017.

Stanley Black & Decker reported modest but steady growth in the fourth quarter, results that its chief executive said would fortify its position when facing challenges in the year ahead.

Former Stanley Black & Decker chairman Nolan Archibald, who retired from the company in March of last year, received a compensation package totaling approximately $133 million last year, according to an annual proxy SEC filing the company published on Tuesday.

A $51.4 million merger bonus contributed to the unusually high payout, which was "based on the annual run-rate of cost savings achieved by the company" as of his retirement that were attributable to the merger of Stanley and Black & Decker in 2010.

Stanley Black & Decker has pledged a donation of over $225,000 worth of Stanley and DeWalt tools to ToolBank USA.

ToolBank provides nonprofits such as charities, schools and faith-based organizations with tool rentals for various volunteer and service projects, thereby reducing expenses and the "tool scarcity" that volunteers frequently experience.

Stanley Black & Decker is donating more than $120,000 worth of tools and equipment to four new ToolBanks this month, organizations that provide tools to nonprofits and volunteers and help them cut costs.

The donation will go toward building up an initial inventory of tools to be put to use in various community improvement projects in the four new locations: Houston, Portland, Oregon; Phoenix; and Richmond, Virginia.