Stanley Black & Decker Promotes CFO Donald Allan To CEO; Reaffirms FY22 Outlook

(RTTNews) - Stanley Black & Decker (SWK) announced that its Board of Directors has named Donald Allan, Jr., currently President and Chief Financial Officer, the Company's next Chief Executive Officer, effective July 1, 2022.

Allan will succeed James Loree, who has served as CEO since 2016. Upon assuming his new role, Allan will join the Board of Directors and retain his title as President.

Further, the Company has also appointed Corbin Walburger to serve as Interim Chief Financial Officer, effective July 1, 2022. It has engaged Heidrick & Struggles to assist with the search for a permanent CFO.

Allan, a 23-year veteran of Stanley Black & Decker, served as CFO since 2008. He was appointed an executive officer of the company in 2006 after serving as VP and Controller since 2000. He was promoted to President in 2021. He joined the company as Director of Financial Planning.

Prior to joining The Stanley Works, Allan held financial management positions with Loctite Corp. from 1995 to 1999. He also spent nine years at Ernst & Young.

Looking ahead to fiscal 2022, the company also reaffirmed its guidance for earnings in a range of $7.20 to $8.30 per share and adjusted earnings in a range of $9.50 to $10.50 per share.

On average, 18 analysts polled by Thomson Reuters expect the company to report earnings of $9.86 per share for the year. Analysts' estimates typically exclude special items.