New Britain toolmaker Stanley Black & Decker said Wednesday morning CEO James M. Loree is stepping down from his position and will be replaced by current company President and Chief Financial Officer Donald Allan Jr.
Allan will take over as CEO July 1. He will also retain his president title and join the company’s board, Stanley announced.
The timing of the transition is a result of the company’s recent refocusing around the global tools and outdoor power equipment markets, Stanley officials said, making it a good time to “execute the board’s CEO succession plan.”