Stanley Black & Decker Appoints New CFO

TL;DR

New CFO Corbin Smith starts June 10th, gets $525k base + big stock award.

AI Summary

Stanley Black & Decker, Inc. announced on June 6, 2024, the appointment of Corbin J. Smith as the new Senior Vice President and Chief Financial Officer, effective June 10, 2024. Smith will receive an annual base salary of $525,000 and will be eligible for an annual cash incentive award with a target of 100% of his base salary. He will also receive a restricted stock unit award valued at $1,500,000.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.

Risk Assessment

Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $525,000 — CFO Base Salary (Annual compensation for Corbin J. Smith.)
• 100% — CFO Incentive Target (Potential cash incentive based on performance.)
• $1,500,000 — CFO Stock Award (Value of initial equity grant for Corbin J. Smith.)

Key Players & Entities

• Stanley Black & Decker, Inc. (company) — Registrant
• Corbin J. Smith (person) — Newly appointed Senior Vice President and Chief Financial Officer
• June 6, 2024 (date) — Date of Report
• June 10, 2024 (date) — Effective date of appointment
• $525,000 (dollar_amount) — Annual base salary for new CFO
• 100% (dollar_amount) — Target percentage for annual cash incentive award
• $1,500,000 (dollar_amount) — Value of restricted stock unit award for new CFO

FAQ

From the Filing

0001193125-24-160024.txt : 20240612 0001193125-24-160024.hdr.sgml : 20240612 20240612165800 ACCESSION NUMBER: 0001193125-24-160024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240606 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240612 DATE AS OF CHANGE: 20240612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANLEY BLACK & DECKER, INC. CENTRAL INDEX KEY: 0000093556 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 060548860 STATE OF INCORPORATION: CT FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05224 FILM NUMBER: 241039086 BUSINESS ADDRESS: STREET 1: 1000 STANLEY DR STREET 2: P O BOX 7000 CITY: NEW BRITAIN STATE: CT ZIP: 06053 BUSINESS PHONE: 8602255111 MAIL ADDRESS: STREET 1: 1000 STANLEY DR CITY: NEW BRITAIN STATE: CT ZIP: 06053 FORMER COMPANY: FORMER CONFORMED NAME: STANLEY WORKS DATE OF NAME CHANGE: 19920703 8-K 1 d841827d8k.htm 8-K 8-K false 0000093556 0000093556 2024-06-06 2024-06-06       UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): June 6, 2024     Stanley Black & Decker, Inc. (Exact Name of Registrant as Specified in its Charter)       Connecticut   001-05224   06-0548860 (State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.)   1000 Stanley Drive ,   New Britain , Connecticut   06053 (Address of principal executive offices)   (Zip Code) Registrant’s telephone number, including area code: (860) 225-5111 Not Applicable (Former name or former address, if changed since last report)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock - $2.50 Par Value per Share   SWK   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 6, 2024, the Compensation and Talent Development Committee of the Board of Directors of Stanley Black & Decker, Inc. (the “Company”) approved the following compensation changes, effective July 1, 2024, for Mr. Tamer Abuaita, the Company’s Global Chief