Lundgren named Stanley chairman
Stanley Black & Decker announced that CEO John F. Lundgren has been elected to also serve as chairman of the board, effective March 13.
He succeeds Nolan D. Archibald, who will retire as executive chairman of the board and will not stand for reelection as a director of the company.
Archibald oversaw the merger of Stanley Works and Black & Decker in 2010.
“Nolan Archibald’s role in establishing the combined organization while guiding and supporting the management team as it drove $500 million in synergy achievement versus an original target of $350 million has been invaluable," said Lundgren. "Black & Decker shareholders prior to the merger have realized more than a 100% increase in their investment in less than 3 years despite the challenging macro economic conditions. In addition to the many achievements and milestones over his 27 year tenure with the company, Nolan’s legacy will include the creation of the world’s largest, and arguably strongest and most valuable branded tools franchise. We wish him continued success, good health and happiness as he pursues a full schedule of family, extracurricular and other business activities.”
Separately, the board announced that James M. Loree, formerly executive VP and chief operating officer, has been elected to serve as president and chief operating officer.
Mark J. Mathieu, Senior VP, Human Resources will retire on March 31, and will be succeeded by Joseph R. Voelker, currently VP Human Resources.
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