Lowe’s CEO To Retire After Successor Is Named

Lowe’s CEO To Retire After Successor Is Named

Lowe’s has initiated the search for a successor to Robert Niblock, Chairman, CEO and President, who will retire after a replacement is named. Niblock has been with the company for 25 years, including 13 years as Chairman and CEO.

Under Niblock’s tenure Lowe’s acquired RONA, a Canada-based home improvement retailer, and Maintenance Supply Headquarters, a distributor of maintenance, repair and operations products for multifamily houses. Additionally, Lowe’s Innovation Labs, the retailer’s innovation hub, developed a Holoroom application that uses virtual reality to help customers visualize and design their home improvement projects.

The retailer is reconfiguring its board of directors after D.E. Shaw Group, an activist hedge fund, took a stake in January 2018, according to Reuters. Lowe’s appointed David Batchelder, Co-Founder of Relational Investors, and Lisa Wardell, CEO of Adtalem Global Education, to its board effective March 22 following discussions with Shaw. The retailer will nominate Brian Rogers, Chairman of T. Rowe Price Group, for election to the board as well.

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