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Lowe’s CEO pay rises 4%, to $12.1 million

Lowe’s chief executive officer Robert Niblock saw his 2012 pay rise more than 4 percent, to more than $12.1 million, a securities filing Monday shows.

The Mooresville-based home improvement company reported in its annual proxy statement that Niblock’s compensation rose slightly in all categories, except for his stock award, which dipped slightly.

He received $1.19 million in base salary, a stock award of $5.3 million, $3.7 million worth of stock options and a cash bonus of more than $1.6 million.

Niblock also received perks and other compensation of $201,878, including $63,339 worth of personal use of company aircraft and a $2,622 Lowe’s logo ring.

Lowe’s profits rose 6.5 percent in 2012 compared to the prior year, to more than $1.9 billion. The company’s results have been recovering with the rebound in housing, as home sales and renovations recover from their low point during the recession.

The company has also instituted “everyday low pricing” instead of more regular sales on items in an attempt to draw customers, and has upgraded its stores with features such as better wireless Internet.

Lowe’s runs more than 1,750 home improvement stores. The company’s stock fell $1.01, or 2.6 percent, to close at $37.91 a share on Monday.

Portillo: 704-358-5041; Twitter @ESPortillo
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