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, particularly North
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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CONTACT:
Mark M. Rothleitner, Vice President, Investor
Relations and Treasurer, or Roger A. Young, Vice President,
Investor and Media Relations, both of The Black & Decker
Corporation, +1-410-716-3979
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