Stanley Black & Decker, Inc. (NYSE:SWK) has announced that current CEO John F. Lundgren is retiring.
Lundgren, who will be 65 in September, will be retiring on July 31, 2016. He’s been the CEO of Stanley Black & Decker for the last 12 years and will remain its Chairman of the Board until the end of the year. The CEO will also act as a Special Advisor to the company through April 30, 2017.
Lundgren will be replaced by Stanley Black & Decker President and Chief Operating Officer James M. Loree. Loree will spend his first day as CEO of SWK on August 1, 2016. He will also join the company’s Board of Directors at that time.
“It has been a great privilege to lead this exceptional organization for the past 12 years, and I am proud of all we have accomplished together,” Lundgren said in a statement. “Today Stanley Black & Decker is stronger, more agile and more innovative than ever before, and that is due in large part to Jim and the entire management team.”
Here are a few things to know about Stanley Black & Decker’s outgoing CEO:
- He joined the company in 2014 as its CEO.
- Lundgren is also on the Board of Directors for Callaway Golf Co (NYSE:ELY) and Staples, Inc. (NASDAQ:SPLS).
- He’s the Vice Chairman of National Association of Manufacturers’ Executive Committee.
- Lundgren is a member of the President’s Advisory Council of the U.S. Chamber of Commerce.
- His business career in brand management started with Gillette.
Now here are some things to know about Stanley Black & Decker’s incoming CEO:
- Loree worked at General Electric Company (NYSE:GE) for 19 years before joining SWK.
- He joined the company as its VP and Chief Financial Officer.
- Loree also served as the director of Harsco Corporation (NYSE:HSC) for five years.
- He is currently a Trustee of Union College.
- Loree is a director at the Hartford Hospital and the Jim and Rebecca Loree Foundation.
SWK shares were up 4% as of Friday afternoon.
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