Stanley Black & Decker names new CEO
Stanley Black & Decker announced that its board of directors has named Donald Allan, Jr., currently president and CFO, the company’s next chief executive officer, effective July 1, 2022.
Allan will succeed James M. Loree, who has served as CEO since 2016. Upon assuming his new role, Allan will join the board of directors and retain his title as president.
“Don Allan’s appointment reflects the board’s succession planning, and in naming him as our next CEO, we have chosen a world-class executive with exceptional experience and leadership skills,” said Andrea J. Ayers, chair of the board of directors.
“Since arriving at the Company in 1999, 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. He is ideally suited to lead Stanley Black & Decker through its next stage of growth, and we expect a very smooth transition of leadership,” said Ayers.
Allan is a seasoned leader and 23-year veteran of Stanley Black & Decker who has played a key role in the company’s evolution to become the world's leading tool company, said the company.
“I am honored to be named CEO and appreciate the board’s trust and support. I look forward to working with our 60,000 outstanding employees, as we navigate through the challenges of the current market environment and execute on our strategy to deliver value to our customers and shareholders,” said Allan.
During his time as president and CFO, he has focused on driving strategic, long-term profitable growth and has overseen the execution and advancement of the company's operating model.
Loree said, “It has been an enormous privilege to serve as CEO of this iconic company. I am exceptionally proud of all we have been able to accomplish during my career at Stanley Black & Decker, particularly over the past six years as CEO, and I am confident that the company has a bright future ahead. I’ve worked closely with Don Allan for the past 23 years, and I am pleased to pass the baton to a leader of his extraordinary caliber.”
Allan has shared responsibility for global operations and supply chain, and has overseen the Stanley Security business, the outdoor products group and Asia tools and storage. He has also led finance, information technology, margin resiliency, industry 4.0 and advanced analytics, said the firm.
Also, as part of the announcement, the company has appointed Corbin Walburger to serve as interim chief financial officer, effective July 1, 2022.
Walburger has been with Stanley Black & Decker for 14 years and currently serves as vice president of corporate business development with global leadership responsibility for mergers, acquisitions and divestitures, as well as the company’s corporate venture initiative. He joined the company in 2008 following 10 years at Goldman, Sachs & Company.
Headquartered in New Britain, Connecticut, Stanley Black & Decker is the world’s largest tool company operating nearly 50 manufacturing facilities across America and more than 100 worldwide and guided by its purpose “for those who make the world.”