Irving Tan has decided not to seek re-election to the board of directors at Stanley Black & Decker (NYSE: NYSE:SWK), as announced on Thursday. Tan, who is set to become the CEO of Western Digital Corp (NASDAQ:WDC).'s hard disk drives business after its split, will stay on the board until the company's 2024 annual shareholders meeting.
The decision was made to allow Tan to concentrate on his new role at Western Digital and was not due to any disputes with Stanley Black & Decker's operations or policies.
The board plans to reduce its size from ten to nine members following Tan's departure. Although Tan was previously nominated for re-election in the company's definitive proxy statement, the proxy materials are now amended to exclude him as a nominee for the upcoming meeting.
This change comes as Stanley Black & Decker prepares for its annual meeting, where shareholders will decide on the composition of the board and other corporate matters. The information is based on a recent SEC filing.
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