Published: September 05, 2008
Black & Decker Names Michael D. Mangan President of Worldwide Power Tools and Accessories Business and Stephen F. Reeves Chief Financial Officer
TOWSON, Md., Sept. 5 /PRNewswire-FirstCall/ -- The Black & Decker
Corporation (NYSE: BDK) today announced that Michael D. Mangan has been named
Senior Vice President of the Corporation and President of the Worldwide Power
Tools and Accessories business, reporting to Nolan D. Archibald, Chairman and
Chief Executive Officer. Mr. Mangan has served as Senior Vice President and
Chief Financial Officer for eight years. For the past two years, he has also
had responsibility for the Fastening and Assembly Systems business.
Previously, he had been Chief Financial Officer of The Ryland Group, Inc., and
held leadership roles with the General Motors Corporation.
The Corporation also announced that Stephen F. Reeves will succeed Mr.
Mangan as Senior Vice President and Chief Financial Officer, reporting to Mr.
Archibald. Mr. Reeves has served as Vice President -- Global Finance for the
Power Tools and Accessories business for the past eight years, and previously
served as Vice President and Controller of the Corporation for six years.
John W. Schiech and Bruce W. Brooks will remain Group Vice Presidents of
the Corporation, reporting to Mr. Mangan. They will have global product
responsibility for the Industrial and Consumer Products Groups, respectively,
and lead the North American businesses.
Mr. Archibald commented, "I am very pleased with the management team at
Black & Decker, and our ability to deliver innovative products and solid
profitability in this difficult economic environment. This organization
change will bring more focus on each geographic area, particularlyNorth
America, enable better coordination of global opportunities, and help
accelerate our growth. Mike Mangan has done an outstanding job as our CFO and
leader of the fastening business, and Steve Reeves has been an integral part
of our success for many years. Mike, Steve, John and Bruce have all been
instrumental in implementing strategic initiatives and improving the company's
cash flow, and I am confident they will continue to drive results in their new
roles."
Black & Decker is a leading global manufacturer and marketer of power
tools and accessories, hardware and home improvement products, and
technology-based fastening systems.
SOURCE The Black & Decker Corporation
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