As it hammers away at an ambitious goal to double revenues to $22 billion by 2022, Stanley Black & Decker has also been at work on its softer side: defining a purpose for the 175-year-old company.
And when it came to “the purpose piece” of the equation, said Mike Simpson, the Connecticut-based firm’s chief marketing officer, “We needed to do a better job.”
A new boss kick-started the corporate soul-searching in a drive for alignment: James Loree, a 20-year veteran of Stanley Black & Decker, took over as president/CEO in 2016. And, he told Fortune magazine, it bothered him that the enterprise had not articulated its reason for being. The new CEO wanted an answer to the question, “What societal need do we fulfill?”