Stanley Black & Decker (NYSE: SWK), New Britain, CT, has announced that James Loree, currently president and COO, will succeed John Lundgren as president and CEO on Aug. 1. Lundgren is retiring after more than 12 years with the company. Loree joined Stanley Black & Decker (then Stanley Works) in 1999 as vice president and CFO.
The company also reported sales for the second quarter of $2.9 billion, up 2.3 percent from the same period a year ago. Profit increased 19.5 percent to $271.5 million.
Tools & Storage sales increased 5 percent year-over-year to $1.9 billion, with organic growth up in North America (+7 percent), Europe (+14 percent) and emerging markets (+4 percent).
Sales in the industrial segment decreased 6 percent in the quarter to $463 million. Engineered Fastening organic sales declined 4 percent due primarily to lower electronics volumes attributable to one major customer.
Security sales increased 1 percent to $538 million. Organic growth continued in Europe (+3 percent) on higher installation revenues across much of the region, while North America's organic revenues were down slightly (-2 percent) as lower commercial electronic security volumes more than offset higher automatic door revenues.
For the first six months, sales were 2 percent to $5.6 billion. Profit increased 18.3 percent to $460.9 million.
