Ackman Takes Roughly $1 Billion Stake in Lowe's
May 23 2018 - 12:43PM
Dow Jones News
By Cara Lombardo
William Ackman's Pershing Square Capital Management LP has
joined another activist investor in Lowe's Cos., taking a roughly
$1 billion stake in the home-improvement retailer, according to
people familiar with the matter.
Mr. Ackman revealed the position at a conference in New York on
Tuesday, said the people, who were in attendance. Lowe's has a
market value of roughly $77.7 billion.
The people said Mr. Ackman supports Lowe's incoming Chief
Executive Marvin Ellison, who during 12 years at Home Depot Inc.
was credited with improving customer service and e-commerce and
expanding its professional business. On Tuesday it was announced
that Mr. Ellison would leave his position as CEO at struggling
retailer J.C. Penney Co. to take the top job at Lowe's, where he is
expected to implement many of the same improvements he made with
Home Depot.
Lowe's CEO Robert Niblock said he would retire in March, a week
after three new directors joined the board as part of an agreement
with activist investor D.E. Shaw & Co., which owns about a 1%
stake.
Lowe's shares rose 9.9% after the company reported growth in
sales and earnings.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
May 23, 2018 12:28 ET (16:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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