Lowe's Announces Executive Appointments
President Larry Stone to Retire in June 2011
MOORESVILLE, N.C.--(BUSINESS WIRE)--
Lowe's Companies, Inc. (NYSE: LOW) today announced Larry D. Stone,
president and chief operating officer since 2006, will retire on June 2,
2011 - his 42nd anniversary with Lowe's. Stone has served in
virtually every leadership position within store operations,
merchandising and store environment during his career.
"After more than four decades of commitment and dedication to the
company he truly loves, we knew the day would come when Larry retires
and begins the next chapter in his life," said Robert A. Niblock,
chairman and CEO. "He has made many important and lasting contributions
to Lowe's during his career. It would be an understatement to say he
will be missed."
The company does not plan to fill the president and chief operating
officer position after Stone's retirement. Niblock and Stone will work
together over the coming months to ensure a smooth transition.
Lowe's also announced today the following promotions within
merchandising, store operations and strategic planning:
-- Robert J. (Bob) Gfeller, Jr. - Executive Vice President, Merchandising
-- Rick D. Damron - Executive Vice President, Store Operations
-- William D. (Doug) Robinson - Senior Vice President, Customer Support
Services
-- Richard D. Maltsbarger - Senior Vice President, Strategy
Bob Gfeller is replacing Charles W. (Nick) Canter, who previously
announced his retirement effective March 2011 following 37 years with
the company. Gfeller most recently served as senior vice president (SVP)
and general merchandising manager - hardlines and building products. He
joined the company in 1999 and served as SVP of marketing for 10 years
before moving to merchandising in 2009. Gfeller has more than 25 years
of branding and retail marketing experience, having managed some of the
nation's leading brand names and products at The Coca-Cola Company and
Nabisco, Inc.
Rick Damron has served as SVP of logistics since 2009 and possesses more
than 28 years of Lowe's store operations experience, including SVP of
the company's North Central and Northeast divisions, and regional vice
president Lowe's Pennsylvania and New Jersey markets. Damron also served
as store manager and district manager earlier in his career. He replaces
Michael K. Brown, who was recently named EVP and chief information
officer.
Doug Robinson's promotion to SVP of customer support services follows
his most recent assignment as vice president of store operations/special
projects, which includes Lowe's customer contact (call) center, flexible
product fulfillment and appliance service/repair. In addition, he will
assume responsibility for lowes.com.
Robinson was instrumental in the development of Lowe's Canadian market
strategy and operations while serving as the company's first president
of Lowe's Canada from 2005 to 2007. He also served in Lowe's U.S. store
operations as district manager. Prior to Lowe's, Robinson was president
and CEO of ARXX Building Products in Ontario, and previously served as
President and CEO of Beaver Lumber Company in Toronto.
Richard Maltsbarger, promoted to SVP of strategy, has more than 15 years
of experience in strategic planning, consumer and market research,
quantitative analytics, enterprise information management, marketing and
economic analysis. He most recently served as vice president (VP) of
strategic planning. Other positions held at Lowe's include VP of
research and director of customer analytics.
Prior to joining Lowe's, Maltsbarger held various strategy, marketing
and consumer analytics positions with IBM Global Business Solutions,
Monsanto Company, Farmland Industries and the University of Missouri. He
joined Lowe's in 2004.
"These outstanding leaders have been instrumental in the development and
execution of Lowe's current business plan as well as the strategic
initiatives that will drive our future success," added Niblock. "They
know our company, our customers and the marketplace and are
well-prepared to excel in their new roles."
With fiscal year 2009 sales of $47.2 billion, Lowe's Companies, Inc. is
a FORTUNE(R) 50 company that serves approximately 15 million customers a
week at more than 1,725 home improvement stores in the United States,
Canada and Mexico. Founded in 1946 and based in Mooresville, N.C.,
Lowe's is the second-largest home improvement retailer in the world. For
more information, visit Lowes.com.
Source: Lowe's Companies, Inc.