MOORESVILLE, N.C., May 22, 2018 /PRNewswire/ -- Lowe's
Companies, Inc. (NYSE: LOW) today announced that Marvin R. Ellison has been named president and
CEO, effective July 2, 2018. He will
also join Lowe's board of directors at that time. Ellison succeeds
Robert A. Niblock, who previously
announced his intention to retire. The Lowe's board has also
appointed Richard W. Dreiling, a
director of Lowe's since 2012, as chairman, effective July 2, 2018.
As a 30-year industry veteran, Ellison brings significant
leadership and operational expertise to Lowe's, including
experience managing a large network of stores and associates as
well as insights and perspectives on managing global logistics
networks. Ellison currently serves as chairman and CEO of J. C.
Penney Company, Inc., where he implemented a turnaround strategy
which has improved the company's balance sheet, increased store
productivity, optimized operations and grown key categories. He
also has an extensive track record in the home improvement
industry, having spent 12 years in senior-level operations roles
with The Home Depot, Inc., where he served as executive vice
president of U.S. stores. At The Home Depot, Ellison oversaw U.S.
sales, operations and Pro strategic initiatives, dramatically
improving customer service and efficiency across the organization
to serve both do-it-yourself (DIY) and Pro customers.
Marshall O. Larsen, lead director
of the board, said, "Attracting Marvin is a great win for the
entire Lowe's team. Marvin is an experienced retail CEO with
extensive expertise in a complex omni-channel consumer-facing
company. He also brings significant experience in the home
improvement industry, with a proven track record of global
operational excellence and driving results from both DIY and Pro
customers. Marvin joins Lowe's at a critical inflection point as we
work to enhance our competitive position and capitalize on solid
project demand in an evolving consumer environment. We look forward
to shepherding an exciting new chapter for Lowe's under Marvin's
leadership."
Ellison said, "I am thrilled to take on the role as Lowe's next
president and CEO. Working closely with Lowe's board, management
team and the more than 310,000 talented employees, I believe we
will not just compete, but win in today's complex retail
environment. Together, we will leverage Lowe's omni-channel
capabilities to deliver the most simple and seamless customer
experiences as we execute with purpose and put the customer first
in everything we do."
Larsen added, "On behalf of the board, I would like to thank
Robert for his leadership and dedication to Lowe's over the last 25
years. Robert played a key role in driving our omni-channel
strategy and positioning the company as a leader in home
improvement. We wish him all the best in his retirement."
Niblock said, "It has been an honor to serve as Lowe's chairman,
president and CEO. I am confident in the company's prospects for
growth and value creation under Marvin's leadership. I know that
Marvin's deep appreciation for Lowe's culture, people and customers
make him the ideal choice to serve as this great company's next
leader, and I look forward to a smooth transition."
About Marvin R.
Ellison
Marvin Ellison
currently serves as chairman and CEO of J. C. Penney Company, Inc.,
and previously served as president and CEO-designee of JCPenney
from 2014 to 2015. Prior to that, Ellison spent more than 12 years
at The Home Depot, Inc., where he served as executive vice
president of U.S. stores from 2008 to 2014 and was responsible for
sales, profit and overall operations for 2,000 stores, more than
275,000 employees and $65 billion in
annual sales volume. Prior to joining The Home Depot, Ellison spent
15 years at Target Corporation in a variety of operational
roles.
Ellison is currently a director of FedEx Corporation, the Retail
Industry Leaders Association (RILA) and the National Retail
Federation. Ellison was named to Fortune's "World's Greatest
Leaders in 2016" and recognized as the "2016 Corporate Executive of
the Year" by Black Enterprise. Ellison holds a BBA degree in
marketing from the University of
Memphis and a MBA from Emory
University.
About Richard W.
Dreiling
Rick Dreiling
joined Lowe's board of directors in 2012 and brings more than 40
years of retail industry experience at all operating levels. He is
a past chairman of the Retail Industry Leaders Association (RILA)
and serves on the board of Aramark, Kellogg Company and PulteGroup,
Inc. Dreiling served as CEO of Dollar General Corporation from
January 2008 to June 2015, and as chairman from December 2008 until January 2016.
About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a
FORTUNE® 50 home improvement company serving more than 18 million
customers a week in the United
States, Canada and
Mexico. With fiscal year 2017
sales of $68.6 billion, Lowe's and
its related businesses operate or service more than 2,390 home
improvement and hardware stores and employ over 310,000 people.
Founded in 1946 and based in Mooresville,
N.C., Lowe's supports the communities it serves through
programs that focus on K-12 public education and community
improvement projects. For more information, visit Lowes.com.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements including words such as "believe", "plan", "will",
"strategy", "look forward" and similar expressions are
forward-looking statements. Forward-looking statements include, but
are not limited to, statements about Lowe's plans, objectives,
priorities, expectations and intentions, and any statement of an
assumption underlying any of the foregoing and other statements
that are not historical facts. Although we believe that the
expectations, opinions and comments reflected in these
forward-looking statements are reasonable, such statements involve
risks and uncertainties and we can give no assurance that such
statements will prove to be correct. Actual results may differ
materially from those expressed or implied in such statements.
A wide variety of potential risks, uncertainties and other
factors could materially affect our ability to achieve the results
either expressed or implied by these forward-looking statements
including, but not limited to (i) risks relating to management and
key personnel changes and (ii) our ability to successfully execute
on our strategy and implement our strategic initiatives. For more
information about these and other risks and uncertainties that we
are exposed to, you should read the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations—Critical Accounting Policies and Estimates"
included in our most recent Annual Report on Form 10-K filed with
the U.S. Securities and Exchange Commission (the "SEC") and the
description of material changes thereto, if any, included in our
Quarterly Reports on Form 10-Q or subsequent filings with the
SEC.
The foregoing list of important factors that may affect future
results is not exhaustive. We expressly disclaim any obligation to
update or revise any forward-looking statement, whether as a result
of new information, change in circumstances, future events or
otherwise, except as may be required by law.
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SOURCE Lowe's Companies, Inc.