Stanley Black & Decker board member will not seek re-election

Burns real estate partnership with Archibald came under fire

April 13, 2010|By Jamie Smith Hopkins, The Baltimore Sun

A Stanley Black & Decker director whose real estate partnership with a company executive brought a rebuke from the New York Stock Exchange last month will not seek re-election, the toolmaker said Tuesday.

M. Anthony Burns, whose term ends May 20, told the company that he won't have the time to continue because he accepted a position on another corporate board.

Before Black & Decker finished merging with Connecticut-based Stanley Works, the Towson company disclosed that Burns and Black & Decker Chief Executive Nolan D. Archibald were co-owners of a luxury golf community in Utah. The New York Stock Exchange said the company should have considered this relationship before declaring Burns an "independent" director.

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