Stanley Black & Decker CEO: GE Leaving Connecticut One Of ‘A Lot Of Bad Decisions’ It Made
The chief executive officer of Stanley Black & Decker Inc. on Tuesday criticized General Electric Co., beset by shrinking market value and struggling to turn itself around, as a case study in corporate failure.
In a question-and-answer period following a talk at the Tunxis Foundation Economic Breakfast about Connecticut’s own fiscal troubles, CEO James Loree said the Boston-based aviation, transportation and medical equipment company “makes me cringe.”
“GE was a great company in its day,” said Loree, who worked at GE for 19 years in financial management, audit and operating management. GE moved to Boston in 2016, ending its 42-year run in Fairfield.
“We were all so upset when GE left the state,” Loree said. “It turned out they made a lot of bad decisions. That’s just one of them.”