Whirlpool Corporation has added a new member to its Board of Directors with substantive experience in the world of consumer products, bringing valuable expertise to a seasoned board.
On Monday the Whirlpool Corporation board of directors appointed James M. Loree, President and Chief Executive Officer of Stanley Black & Decker, Inc., to the board, effective immediately. Additionally, Loree will serve on the Audit Committee and the Corporate Governance and Nominating Committee.
Whirlpool Board Chair Jeff Fettig says, “Jim is a proven, respected leader in the consumer products industry, and we are excited to welcome him to the Whirlpool board of directors.” He adds, “We believe his strong experience, particularly in financial management, strategic planning, and mergers and acquisitions, will be extremely valuable as Whirlpool continues strengthening our operations in developed and emerging markets.”
Loree, who is 59, was named President, Chief Executive Officer and director of Stanley Black & Decker in 2016, after serving as President and Chief Operating Officer since 2013.
Lorree joined Stanley Black & Decker, when it was still just called The Stanley Works, in 1999 as Vice President and Chief Financial Officer where he provided financial oversight and leadership during the company’s restructuring and cost reduction phase. That period involved the closing of approximately 80 facilities and divestiture of two major business units. He was named Executive Vice President and Chief Financial Officer in 2002. During that time, Jim was instrumental in re-architecting Stanley’s portfolio strategy and began an M&A effort to transform Stanley into a growth-oriented diversified industrial company. He was named Chief Operating Officer (COO) in 2009.
Since his joining Stanley Black & Decker, company revenues have more than quadrupled, fueled by more than one hundred acquisitions including the landmark merger with Black & Decker in 2010.
Prior to his tenure at Stanley Black & Decker, Jim’s 19-year career with GE was broad-based, spanning a multitude of assignments and industries. He joined GE in 1980 on their Financial Management training program and followed that with a four-year stint on the GE Audit staff. For the next twelve years he held positions of increased responsibility in financial and operating management in industrial businesses, corporate and at GE Capital.
Jim served for over five years as a director of Harsco Corporation, including four as Audit Committee Chair. He also serves as a Trustee of Union College, a director of Hartford Hospital and a director of the Jim and Rebecca Loree Foundation.
He received a BA in Economics in 1980 from Union College in Schenectady, NY, where he graduated Summa Cum Laude and was elected to Phi Beta Kappa.
He joins the board of Benton Harbor-based Whirlpool Corporation, the number one major appliance manufacturer in the world, with approximately $21 billion in annual sales, 93,000 employees and 70 manufacturing and technology research centers in 2016.
