Mooresville-based Lowe’s names new chief financial officer

Mooresville-based Lowe’s Cos. announced Tuesday morning the retirement of Chief Financial Officer Bob Hull, who has been with the company for 17 years.

Marshall Croom, 56, will succeed Hull as CFO on March 3, the home improvement retailer said in a statement. Croom, who has been with Lowe’s for 20 years, will report to CEO Robert Niblock.

Hull, 52, will remain with the company through March “to ensure a smooth transition,” Lowe’s said. The company also said Hull’s retirement is part of “a deliberate succession management process.”

Lowe’s, the second-largest U.S. home improvement retailer behind Home Depot, has faced a slowdown in customer traffic in recent months that has prompted the company to look for other ways to improve profitability, including layoffs and reducing store employees’ hours.

Croom has served for the last eight years as Lowe’s chief risk officer, responsible for overseeing tasks including enterprise risk management, internal audit, project management, quality assurance, loss prevention and workers’ compensation. In his new role, Croom will oversee accounting, tax, treasury, investor relations, and financial planning and analysis, Lowe’s said.

“We have confidence in Marshall’s proven leadership as we continue to focus and invest in the areas that meet consumers’ evolving expectations,” Niblock said.

Lowe’s operates or services about 2,355 home-improvement and hardware stores across the U.S., Canada and Mexico. According to reports last week, Lowe’s is expected to lay off employees as the company overhauls the staffing model for its stores.

This story was originally published January 17, 2017 at 8:43 AM with the headline "Mooresville-based Lowe’s names new chief financial officer."