Don Allan Succeeds Jim Loree as Stanley Black & Decker CEO
Stanley Black & Decker this week named Don Allan Jr. as the company’s next chief executive officer, succeeding Jim Loree.
Allan, currently president and chief financial officer, will assume the CEO role July 1 and will join the New Britain-based manufacturer’s board of directors.
He will also retain the president’s title, with the company appointing corporate business development vice president as its interim chief financial officer.
Loree was appointed CEO in 2016, leading Stanley through a period of significant growth, with annual revenues increasing from $11 billion to an expected $19 billion this year.
“We are grateful to Jim for building the foundation for the company’s next period of growth and value creation,” board chair Andrea Ayers said in a statement.
“His contributions to the strategic repositioning of the business, and his strong dedication to the company’s key stakeholders, will be hallmarks of his legacy.”
Allan, who shares responsibility for global operations and supply chain, is a 23-year veteran of the company and previously led other business units, including Stanley Security, outdoor products, and Asian tools and storage.
“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,” Ayers said.
“He is ideally suited to lead Stanley Black & Decker through its next stage of growth, and we expect a very smooth transition of leadership.”
CBIA president and CEO Chris DiPentima noted that in addition to driving Stanley’s growth as CEO, Loree also broadened the company’s community involvement and social responsibility initiatives.
“Stanley Black & Decker is one of Connecticut’s great corporate citizens and Jim Loree really elevated the company’s social responsibility and community engagement efforts,” DiPentima said.
“The multi-million dollar, global commitment to workforce development, the support for communities around the world during the pandemic, and developing the advanced manufacturing center in downtown Hartford are examples of that extraordinary commitment.
“Stanley has also been a terrific partner for CBIA and we look forward to continuing that collaboration with Don Allan and working together to fully leverage Connecticut’s tremendous economic potential.”
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