Black & Decker released a business correlation between its CEO and a board member. Black & Decker Corp. trades on the “New York Stock Exchange” under the stock symbol “BDK”. For the Latest information regarding “BDK”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Black & Decker Corp. released a business correlation between its CEO and a board member who helped approve a heavy recompense package for the executive.
In statements issued late Tuesday and Wednesday, the tool maker said CEO Nolan D. Archibald is a co-owner of a Utah golf resort development project along with board member M. Anthony Burns. Burns was one of three independent directors who last year reviewed an eventual $3.5 billion stock buyout of Black & Decker, based in Towson, Md., by rival Stanley Works, headquartered in New Britain, Conn.
The merger was later supported by the full board and is expected to be approved Friday by both Stanley Works and Black & Decker shareholders, clearing the way for the creation of the new company called Stanley Black & Decker. The agreement also included compensation for Nolan valued at $89 million after three years, according to estimates published Wednesday in the Wall Street Journal, which questioned the relationship between Archibald and Burns.
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