Black & Decker Names Michael D. Mangan President of Worldwide Power ...

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Black & Decker Names Michael D. Mangan President of Worldwide PowerTools and Accessories Business and Stephen F. Reeves ChiefFinancial Officer Baltimore -
TOWSON -- The Black & Decker Corporation today announced thatMichael D. Mangan has been named Senior Vice President of theCorporation and President of the Worldwide Power Tools andAccessories business, reporting to Nolan D. Archibald, Chairman andChief Executive Officer. Mr. Mangan has served as Senior VicePresident and Chief Financial Officer for eight years. For the pasttwo years, he has also had responsibility for the Fastening andAssembly Systems business. Previously, he had been Chief FinancialOfficer of The Ryland Group, Inc., and held leadership roles withthe General Motors Corporation.

The Corporation also announced that Stephen F. Reeves will succeedMr. 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 forthe past eight years, and previously served as Vice President andController of the Corporation for six years.

John W. Schiech and Bruce W. Brooks will remain Group VicePresidents of the Corporation, reporting to Mr. Mangan. They willhave global product responsibility for the Industrial and ConsumerProducts Groups, respectively, and lead the North Americanbusinesses.

Mr. Archibald commented, "I am very pleased with the managementteam at Black & Decker, and our ability to deliver innovativeproducts and solid profitability in this difficult economicenvironment. This organization change will bring more focus on eachgeographic area, particularly North America, enable bettercoordination of global opportunities, and help accelerate ourgrowth. Mike Mangan has done an outstanding job as our CFO andleader of the fastening business, and Steve Reeves has been anintegral part of our success for many years. Mike, Steve, John andBruce have all been instrumental in implementing strategicinitiatives and improving the company's cash flow, and I amconfident they will continue to drive results in their new roles."

Black & Decker is a leading global manufacturer and marketer ofpower tools and accessories, hardware and home improvementproducts, and technology-based fastening systems.