Lowe’s senior exec to retire as replacement promoted
03/04/2014 10:28 AM
03/04/2014 11:16 AM
Chief Customer Officer Greg Bridgeford, one of Mooresville-based Lowe’s top executives, plans to retire after 32 years working for the home improvement company, Lowe’s said Tuesday.
Lowe’s Chief Merchandising Officer Mike Jones will be promoted to replace Bridgeford, the company said. Jones joined Lowe’s in 2013 from Husqvarna.
“Over the past 14 months, Mike and Greg have worked closely together and have made terrific progress in further elevating and enhancing the Lowe’s customer experience,” said CEO Robert Niblock in a statement. “In assuming this new role, Mike brings extensive leadership experience, expertise in key product categories relevant to the home improvement business, understanding of the need for vendor collaboration, and a clear focus on the customer.”
Niblock said that Bridgeford had wanted to retire two years ago, but he asked the executive to delay his departure.
“The timing is now right for Greg to pass the baton to Mike,” said Niblock.
Bridgeford was paid almost $4.2 million worth of stock, salary, bonus, options and other compensation in fiscal 2012, the most recent year available, according to securities filings.
Jones’ base salary will be increased to $600,000, Lowe’s said, from its current $500,000. His bonus and stock award opportunities will also be increased, though the amount he receives will be based on the company’s performance. He assumes the chief customer officer role on April 30.
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