Outgoing Lowe's CEO saw pay decline in 2017
Lowe's CEO Robert Niblock, who announced plans to retire earlier this year, saw his pay decline in his last full year running the retailer.
Niblock, 55, made $11.21 million in 2017, down from $12.67 million in 2016, according to a securities filing Friday. Niblock’s pay included a $1.3 million base salary, unchanged from the year before, combined with stock awards, stock options, a bonus and other compensation. Niblock, who has been with Lowe's for 25 years, made a total of $13.16 million in 2015.
Lowe's said its board is searching for Niblock's successor, and in the interim, Niblock will remain in his current role as CEO. Finding Niblock's replacement "remains the top priority for our board," Lowe's spokeswoman Jackie Hartzell said in an email.
Niblock, a UNC Charlotte graduate and certified public accountant joined the Mooresville-based home improvement retailer in 1993. Before becoming CEO in January 2005, he was the company's chief financial officer.
Niblock is the latest of a string of longtime executives to leave the company in recent months. Rick Damron stepped down as chief operating officer in early February after 36 years with the company, for instance, and Bob Hull stepped down as chief financial officer in March 2017 after 17 years with Lowe's.
In recent years, Lowe's has been working to cut expenses and boost earnings even as industry experts say the strengthening housing market should be providing tailwinds for home improvement retailers. Lowe's financial performance has lagged behind Home Depot, its larger rival.
Before he announced his plans to step down, Niblock had taken major steps to reshape the company over the last year, including cutting jobs at its Mooresville headquarters as well as bringing in new leaders, including a former Amazon executive as its chief digital officer.
Amid the company's struggles, the hedge fund D.E. Shaw, a longtime Lowe's shareholder, last fall began building up an activist stake in the company. The firm has been pushing for changes at the retailer, and in January Lowe's announced three new board members.
This story was originally published April 20, 2018 at 11:33 AM with the headline "Outgoing Lowe's CEO saw pay decline in 2017."