Stanley Black & Decker names CFO to CEO role

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Stanley Black & Decker Inc. SWK, -0.83% announced its succession plan on Wednesday, naming Chief Financial Officer Donald Allan, Jr. to the chief executive position, effective July 1. He succeeds James Loree, who has been CEO since 2016. Corbin Walburger, the company’s vice president of corporate business development, has been named to the CFO position on an interim basis during the company’s search for a permanent replacement. Stanley Black & Decker reaffirmed its full-year earnings-per-share guidance of $7.20 to $8.30 and adjusted EPS outlook of $9.50 to $10.50. The FactSet consensus is for $9.87. The company also plans to re-balance $200 million to $250 million of current annualized investments for commercial, engineering and supply chain purposes. Stanley Black & Decker stock edged up 1.1% in Wednesday premarket trading and is down 37% for the year to date.

This article was originally published by Marketwatch.com. Read the original article here.

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