The board of directors of Stanley Black & Decker has announced that CEO John Lundgren has been elected to serve in the additional capacity as chairman of the board, effective March 13, following the expiration of Nolan Archibald’s term as executive chairman of the board.
Archibald’s employment agreement with the company expires on March 12, at which time he will retire as executive chairman of the board and as an executive of the company.
“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," Lundgren said. "Black & Decker shareholders prior to the merger have realized more than a 100% increase in their investment in less than the years despite the challenging macroeconomic conditions. In addition to the many achievements and milestones over his 27 year tenure with the company.”
The board also announced that James Loree, formerly executive VP and chief operating officer, has been elected to serve as president and chief operating officer, effective Jan. 13. Mark Mathieu, senior VP human resources will retire on March 31. Mathieu will be succeeded by Joseph Voelker, currently VP human resources.