Marshall A. Croom, CFO of Lowe’s, will retire in October 2018 after serving 21 years with the home improvement company. This news follows the retirement of CEO Robert Niblock, who will be replaced by JCPenney CEO Marvin Ellison.
Facing steep competition from The Home Depot, Lowe’s has appointed new board members following talks with activist investor D.E. Shaw & Co. Lowe’s said it has an executive search firm searching for an external candidate to replace Croom.
Croom will continue in his role until his successor is appointed, and then will remain with the company during a transition period until his retirement date.
“On behalf of the entire Board and management team, I thank Marshall for his dedication and valuable contributions during his more than two-decade career at Lowe’s,” said Niblock in statement. “Lowe’s has a strong finance team, and Marshall has played a significant role in helping drive financial and operational improvements as we work to enhance our position as the omnichannel project authority. I am deeply appreciative that Marshall will remain with Lowe’s to help facilitate a smooth leadership transition and wish him all the best in his retirement.”