TOWSON, Md., April 29 /PRNewswire-FirstCall/ -- At their annual meeting on
April 29, 2003, the stockholders of The Black & Decker Corporation (NYSE: BDK)
adopted a resolution requesting the Corporation's Board of Directors to
establish a policy of expensing the cost of future stock options issued by the
Corporation. In response, the Corporation announced today that the Board will
consider a policy of expensing stock options as soon as the Financial
Accounting Standards Board completes its project on stock based compensation
and clarifies the methodology for valuing stock options.
Also at their annual meeting, the Corporation's stockholders elected the
slate of directors proposed by the Corporation, including first-time nominee
Kim B. Clark, Dean of the Faculty and George F. Baker Professor of
Administration at the Harvard Business School. Dean Clark earned a Ph.D. in
economics from Harvard University and has been a member of the Harvard faculty
since 1978. He also serves as a director of JetBlue Airways Corporation and
FleetBoston Financial Corporation. Dean Clark fills the vacancy left by
Malcolm Candlish who retired as a director after serving for 12 years.
Commenting on Dean Clark's election, Nolan D. Archibald, Chairman and
Chief Executive Officer, said, "We are honored and proud to welcome Kim Clark
to our Board and look forward to the contributions that his extensive academic
and business experience will enable him to make."
The Corporation also announced that its Board of Directors declared a
quarterly cash dividend of 12 cents per share of the Corporation's outstanding
common stock payable June 27, 2003 to stockholders of record at the close of
business on June 13, 2003.
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 Black & Decker Corporation
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Related links:
http://www.bdk.com
Company News On-Call: Black & Decker press releases
available through http://www.prnewswire.com/comp/235329.html
CONTACT:
Barbara B. Lucas, Senior Vice President -
Public Affairs, +1-410-716-2980, or Mark M. Rothleitner, Vice
President - Investor Relations and Treasurer, +1-410-716-3979,
both of Black & Decker
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