Lowe’s has simplified its leadership structure by eliminating the positions of COO, Chief Customer Officer, Corporate Administration Executive and Chief Development Officer. Responsibilities previously managed by these people will be shifted to other executives who will report directly to President and CEO Marvin Ellison.
Two executives will be exiting as a direct result of the changes: COO Richard Maltsbarger will leave the company immediately, while Chief Customer Officer Michael McDermott will remain with Lowe’s through Nov. 6, 2018 to ensure a smooth transition.
The executive shakeup also will affect other positions, including:
- EVP, Merchandising: William Boltz has been named to this role effective Aug. 15, 2018. He will be responsible for merchandising, marketing, digital and data analytics and customer insights. Boltz is currently President and CEO of Chevron North America and has held leadership positions at Home Depot and Sears;
- EVP, Stores: The company has initiated an external search to fill this position, which oversees the North, South and West divisions, Orchard Supply Hardware, operations engineering, the professional and services businesses and asset protection;
- EVP, Supply Chain: SVP of Supply Chain Operations Mike West will serve in this role on a transitional basis while the company searches for a permanent appointment;
- EVP, General Counsel and Corporate Secretary: Bill McCanless will remain this role, with N. Brian Peace, SVP, Administration, reporting to him. Peace will take another role in the fall.
Additionally, CFO Marshall Croom is planning to retire from this position effective Oct. 5, 2018. He will continue in his role until a successor is named, then assist in the transition until his retirement date.
"We have taken a fresh look at our organizational structure and are realigning our leadership team to improve our focus, better leverage Lowe's omnichannel capabilities and deliver increased value for our customers, associates and shareholders,” said Ellison in a statement. “As we make this transition, I would like to recognize the numerous contributions of the senior leaders departing Lowe's and thank them for their years of service."