Stanley announces earnings, CEO change

NEW BRITAIN, Conn. — Stanley Black & Decker raised its outlook as it posted Q2 net sales of $2.9 billion, up 2% from last year. Operating margin rate was 15.8% compared to 14.4% in 2Q’15, as operational actions to improve profitability more than offset approximately $40 million of unfavorable currency. The company also announced that chairman and CEO John F. Lundgren will retire as CEO effective at the end of this month. He will continue as chairman until the end of the calendar year and as Special Advisor through April 2017. President and Chief Operating Officer James M. Loree will take over as CEO and join the board on August 1.