05/12/2021 | News release | Distributed by Public on 05/12/2021 09:24
Managing both short-term profitability concerns and long-term sustainability goals is complicated, particularly in the middle of a global crisis.
In a 'Moral Money' segment moderated by Gillian Tett of Financial Times, CEO Jim Loree offers his unique perspective on balancing long-term sustainability with the short-term bottom line and why agility, empathy and common sense matter more than ever.
During the live broadcast interview, Loree elaborates on the measures taken that allowed Stanley Black & Decker to navigate the global pandemic. At the beginning, the company's sales plummeted 40%. But within a few months, they skyrocketed - fueled by a DIY revolution and a boom in residential and commercial construction.
It's easy to give back when things are looking good. What about during troubled times?
Through it all, 'The importance of ESG was obvious,' Jim said. 'And today, we couldn't be more committed to what we started about five years ago in the area of ESG and stakeholder capitalism.'
Jim goes on to explain that 'When you consider the impact that the pandemic has had on so many different constituencies…whether it's employees and their families, customers or shareholders… The volatility, the uncertainty, the ambiguity that people are experiencing today no matter where they are and what they're doing just requires a higher level of commitment by corporations to ESG and corporate social responsibility.'