Subject category:
Strategy and General Management
Published by:
HEC Paris
Length: 13 pages
Data source: Field research
Abstract
Jim Loree became CEO of Stanley Black & Decker (SBD) in 2016, an industrial goods company headquartered in Connecticut, USA. Loree sought to build on the company's more than 175 years of success to ensure that the company continued to create long-term and sustainable value. Becoming a Purposeful company and a Purposeful CEO were core to his strategy. Loree faced choices about how to articulate a Purpose that was authentic to the business and its people; how to invite employees into the process; and how to let Purpose drive strategic decisions. In making each of these choices, Loree realized he was reconnecting the company to fundamental truths that had been present since its founding in 1843 to the present day, and he was empowering employees to find the best ways to deliver on his objectives. Purpose was a key driver of making SBD a contemporary version of itself and poised for future challenges. In order to architect a company with a long-term vision, he first set an ambitious goal to double revenues by 2022. He also wanted to make SBD one of the world's great industrial goods companies and make the company an asset to people and planet. To achieve these goals, Loree knew that he would have to create a sense of unity and meaning for all 58,000 employees working in 140 facilities in 50 countries. He would also need to inspire innovation, and take bold, meaningful action in the world. Loree determined that Purpose - or SBD's reason for existing - would be critical to overcoming these challenges and achieving his goals.
Teaching and learning
This item is suitable for undergraduate, postgraduate and executive education courses.Time period
The events covered by this case took place in 2020-2022.Geographical setting
Region:
Americas
Country:
United States
Location:
New Britain
Featured company
Stanley Black & Decker
Employees:
10000+
Turnover:
USD 15,600,000,000
Type:
Public company
Industry:
Hardware
Featured protagonist
- Jim Loree (male), CEO
About
Abstract
Jim Loree became CEO of Stanley Black & Decker (SBD) in 2016, an industrial goods company headquartered in Connecticut, USA. Loree sought to build on the company's more than 175 years of success to ensure that the company continued to create long-term and sustainable value. Becoming a Purposeful company and a Purposeful CEO were core to his strategy. Loree faced choices about how to articulate a Purpose that was authentic to the business and its people; how to invite employees into the process; and how to let Purpose drive strategic decisions. In making each of these choices, Loree realized he was reconnecting the company to fundamental truths that had been present since its founding in 1843 to the present day, and he was empowering employees to find the best ways to deliver on his objectives. Purpose was a key driver of making SBD a contemporary version of itself and poised for future challenges. In order to architect a company with a long-term vision, he first set an ambitious goal to double revenues by 2022. He also wanted to make SBD one of the world's great industrial goods companies and make the company an asset to people and planet. To achieve these goals, Loree knew that he would have to create a sense of unity and meaning for all 58,000 employees working in 140 facilities in 50 countries. He would also need to inspire innovation, and take bold, meaningful action in the world. Loree determined that Purpose - or SBD's reason for existing - would be critical to overcoming these challenges and achieving his goals.
Teaching and learning
This item is suitable for undergraduate, postgraduate and executive education courses.Settings
Time period
The events covered by this case took place in 2020-2022.Geographical setting
Region:
Americas
Country:
United States
Location:
New Britain
Featured company
Stanley Black & Decker
Employees:
10000+
Turnover:
USD 15,600,000,000
Type:
Public company
Industry:
Hardware
Featured protagonist
- Jim Loree (male), CEO