John M. Trani, GE executive, named CEO of The Stanley Works
NEW BRITAIN, Conn. (AP) _ John M. Trani, the head of General Electric’s medical systems business, has been named chief executive and president of The Stanley Works, the company announced Thursday.
The news pushed Stanley’s stock up nearly 9 percent, or $2.37 1/2 per share, to $29.37 1/2 Thursday on the New York Stock Exchange.
Trani replaces Richard H. Ayers, who had been CEO of the tool and hardware manufacturer for the past decade. He announced last year he would retire in 1997.
Trani, 51, joined General Electric in 1978 and became president and CEO of GE Medical Systems in 1986.
``This company clearly has many assets, including a strong brand franchise, a broad product line, an impressive dividend record and, most importantly, dedicated employees,″ Trani said.
Stanley Works said last year it would look outside the company for its next chief.
The search committee said Trani was ``instrumental in transforming GE Medical Systems from a domestic business to a $4 billion global enterprise through acquisitions, joint ventures, industry leadership and outstanding financial performance.″
``These are qualities sought by our search committee since it began its work last spring,″ said Stillman B. Brown, the committee’s chairman.