Director Dmitri Stockton resigns from Stanley Black & Decker board to avoid Clayton Act conflict
STANLEY BLACK & DECKER, INC.
Dmitri L. Stockton resigned effective Dec 31, 2021, due to Clayton Act interlocking directorate concerns after Stanley Black & Decker's acquisition of MTD Holdings.
Stockton also serves on Deere & Co.'s board; dual service was deemed incompatible post-MTD acquisition.
Board size reduced to 11 members; resignation not due to any disagreement with the company.
On December 29, 2021, Dmitri L. Stockton notified Stanley Black & Decker, Inc. and its Board of Directors (the “Board”) of his decision to resign from the Board effective December 31, 2021 to ensure there are no interlocking directorates under Section 8 of the Clayton Antitrust Act of 1914 (the “Clayton Act”).
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Dmitri L. Stockton resigned as Director at STANLEY BLACK & DECKER, INC..
Action
resigned
Role
Director
Exact text from the filing
On December 29, 2021, Dmitri L. Stockton notified Stanley Black & Decker, Inc. and its Board of Directors (the “Board”) of his decision to resign from the Board effective December 31, 2021 to ensure there are no interlocking directorates under Section 8 of the Clayton Antitrust Act of 1914 (the “Clayton Act”).
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