Issue link: https://nebusinessmedia.uberflip.com/i/1416209
4 HARTFORDBUSINESS.COM | OCTOBER 4, 2021 By Norm Bell Special to the Hartford Business Journal A s Jim Loree recalls it, he was a hard-working high school student, one of five siblings in a family of modest means. Waiter. Landscaper. Delivery man. Hockey player. That was outside the classroom. Inside, "I was just a B/B+ student," he says. "Then, my freshman year in college, I came of age." Summa cum laude and Phi Beta Kappa designations support that point and hint at a recurring modesty in talking about his accomplishments." He says his career aspirations began to come into focus in his junior year at Union College when he started to turn an appreciation for numbers and finance into a career path. Acceptance into a finance management training program with the major employer down the street — General Electric — followed and Loree never looked back. For two decades, he made his way up the corporate ladder, holding a variety of major management roles. But GE was changing by the late '90s, he says. Less nimble, more bureaucratic. There's seldom one turning point in a decision to move on, but Loree remembers one year in particular. "I'd saved the company $300 million," but it moved the earnings per share by only "pennies." As a reward, he got a pat on the back at a management gathering. "I was happy to get out of there," he says. In 1999, he moved to the Stanley Works as CFO, embracing a culture that was more open to change. He is credited with re-engineering the company with an emphasis on growth and acquisitions. As a reward, he moved up to COO, then president and, in 2016, to CEO. On his watch, major acquisitions created the colossus that is Stanley Black & Decker and consolidated a wide swath of home improvement, security and automation technologies. Revenues ballooned from $2 billion to today's $14.5 billion. He says he's committed to the firm's 178-year history in New Britain and to its future there. Local engagement While the focus of the company — and its 56,000 employees — is decidedly global, Loree has devoted a significant amount of time and effort to difficult situations here in Connecticut. He's been outspoken on the state's finances, including signing a recent op-ed recommending a focus on paying down the state's out-sized employee pension obligation. He's served on a handful of state advisory bodies. And he's brought his corporate focus on diversity, inclusion and LIFETIME ACHIEVEMENT AWARDS 2021 Jim Loree CEO, Stanley Black & Decker Education: BA, economics, Union College Boards: Governor's Workforce Council; AdvanceCT; Commission on Fiscal Stability and Economic Growth; National Association of Manufacturers; director, Whirlpool Corp.; trustee, Union College; director, Jim and Rebecca Loree Foundation; former director, Hartford Hospital. Honors: Phi Beta Kappa; Business Roundtable; Wall Street Journal CEO Council; Fortune's CEO Initiative; HBJ Power 50. Guiding business principle: "Stakeholder Capitalism — Leading the company for the benefit of all stakeholders including customers, employees, suppliers, communities and shareholders." Loree re-engineers Stanley Black & Decker through growth, acquisitions equity into the community with internships, mentorships and jobs. In addition, he launched a research center in downtown Hartford and folded in an accelerator for global startups. He stresses his belief in upward mobility and finds the existing level of economic inequality unsustainable. That's just the kind of leader Loree is, says Jeffrey Flaks, CEO at Hartford HealthCare. Loree believes in "doing well and doing good." Flaks has first-hand experience with Loree's energetic style and bargaining ability. He approached Loree about joining Hartford HealthCare's board with an eye toward tapping Loree's expertise in the area of mergers and acquisitions. Loree demurred; he'd rather help on the Hartford Hospital board where he would be closer to the actual delivery of care. A deal was struck and for nine years, both men got what they wanted. Flaks credits Loree with helping create the operating model that drives Hartford HealthCare today. He describes Loree as "an amazing leader" and "a disruptive thinker." Menu planner For his part, Loree speaks in terms of contributing to "a renaissance" both at the company and in the region. Despite the effects of COVID-19, Stanley seems on a steady upward trend. And he sees progress in shifting the state's business climate "from inhospitable to favorable." As for his community role, he points instead to the role his wife, Rebecca, has played both in inspiring him and in raising millions of dollars for the Hartford Symphony and The Bushnell. She's a hero, he says. Rebecca Corbin Loree is founder and CEO of Corbin Advisors, specialists in capital markets and investor relations. Together, they operate the Jim and Rebecca Loree Foundation, which focuses on creating opportunities for the community's youths and aiding the arts. She was an HBJ Women in Business honoree in 2019. Loree acknowledges it has been tough balancing his CEO duties, community work and his role as a father of four daughters ranging in ages from 3 to 25. He says he's carved out a role as "menu planner" and sometimes chef, among other family duties. The Lorees live in Farmington, maintain a condo in Florida and have a lake house in New Hampshire where Loree keeps a small collection of classic boats. Now if he can just manufacture a way to add a few more hours a week to enjoy it all. Jim Loree Jim Loree (second from right) stands next to Gov. Ned Lamont at Stanley Black & Decker's downtown Hartford innovation lab.