Allan named CEO of Stanley Black & Decker
06 June 2022
To succeed James Loree
Stanley Black & Decker announced that its Board of Directors has named Donald Allan Jr., currently President and Chief Financial Officer, the company’s next Chief Executive Officer, effective July 1.
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.
Also, as part of today’s announcement, the company has appointed Corbin Walburger to serve as Interim Chief Financial Officer, effective July 1.
“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.”
Allan is a 23-year veteran of Stanley Black & Decker. 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.
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.
The company has engaged Heidrick & Struggles to assist with the search for a permanent CFO.
“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. “I am very pleased that Corbin Walburger has agreed to serve as our Interim CFO. He brings impressive experience and expertise to his new role.
“Looking ahead, with our recent portfolio actions, Stanley Black & Decker is 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.”
Loree led the company through a period of significant growth, increasing annual revenues from continuing operations from $11 billion in 2016 to over $19 billion expected in 2022.
Stanley Black & Decker has made a number of interesting acquisitions lately including the addition of outdoor power equipment brands Cub Cadet, Troy-Bilt and Hustler to its product portfolio.