NEW BRITAIN, Conn. (AP) -- Stanley Black & Decker's CEO John F. Lundgren is going to take on the additional role of chairman.
The tool maker said Monday that Lundgren's chairman post is effective on March 31, a day after Executive Chairman Nolan Archibald's term expires. Lundgren is 61 years old.
Archibald, 69, is retiring from the company and won't stand for re-election as a director at its annual shareholders meeting on April 16.
Stanley Black & Decker Inc. also announced that Mark J. Mathieu, senior vice president of human resources, will retire on March 31, at which time he will be 61 years old. He will be succeeded by Joseph Voelker, who currently serves as vice president of human resources.
Voelker, 58, will report to Lundgren.
Stanley Black & Decker will report its fourth-quarter and full-year results on Jan. 24.
The New Britain, Conn., company's stock rose 12 cents to $75.33 in afternoon trading. The shares are up 29 percent from their 52-week low of $58.59 in July. They traded as high as $81.90 in March.