John Lundgren retires as CEO of SWK
In perhaps a fitting farewell after a great quarter for Stanley Black & Decker (SWK), John Lundgren, the company’s chairman and CEO, announced that he will retire after leading SWK for more than 12 years. James Loree, who is currently the president and COO of SWK, will take the reins of the company on July 31, 2016.
Lundgren oversaw the successful integration of Black & Decker in 2009 and during his tenure, SWK’s sales grew by 12% on a CAGR (compound annual growth rate) basis. Lundgren was nominated in April 2016 as a board member for the office supplies retailer (XRT) Staples (SPLS).
Loree joined Stanley Works as executive vice president of finance in 1999 after serving for 19 years in the industrial conglomerate (XLI) General Electric (GE). He received a Bachelor of Arts in Economics from Union College in Schenectady, New York, where he graduated summa cum laude and was elected to Phi Beta Kappa.
On the transition, Lundgren noted, “For those of you who followed our company over the last several years, this transition will not come as a surprise. I, in conjunction with our board of directors, have always viewed the leadership succession plan to be a top priority to ensure consistency and stability throughout the organization, as well as to ensure that we continue to deliver the exceptional shareholder value that our investors have come to expect from this company.”