Business

Amid layoffs, CEO of Lowe’s sees pay decline

Before he announced his plans to step down as CEO of Lowe's, Robert Niblock saw his pay decline about 11.5 percent last year.
Before he announced his plans to step down as CEO of Lowe's, Robert Niblock saw his pay decline about 11.5 percent last year. Courtesy of Lowe's Companies, Inc

The CEO of Mooresville-based Lowe’s Cos. saw his pay fall last year as the home-improvement retailer slashed thousands of jobs in a bid to boost profitability.

Robert Niblock, 54, made $12.67 million in 2016, down from $13.16 million in 2015, according to a securities filing Friday. Niblock’s pay included a $1.3 million base salary, combined with stock awards, stock options, a bonus and other compensation.

The company’s board of directors also nominated Niblock to maintain the roles of chairman and CEO, adding that he is “in the best interest of Lowe’s at this time.”

“Mr. Niblock has exercised leadership that has generated strong operational performance; effectively led the board and the company during a challenging macroeconomic environment; has extensive knowledge of Lowe’s and the home improvement retail industry; and has served as a highly effective bridge between the board and management,” the board said in the filing.

The board compensation committee said it did not increase Niblock’s base salary for 2017.

Earlier this year, Lowe’s laid off 2,400 full-time employees, mostly at the store level, as part of an overhaul of its staffing model. The next month, the company laid off more than 500 full-time corporate employees, including 430 in its headquarters in Mooresville and 70 support staffers in Wilkesboro, as a way to boost profitability. Last October, the retailer also laid off about 95 people in its information technology department.

Lowe’s, the nation’s second biggest home improvement retailer behind Home Depot, has struggled to improve its profitability as customer traffic slowed in several months last year.

Niblock has served as chairman and CEO of Lowe’s since January 2005.

Katherine Peralta: 704-358-5079, @katieperalta

  Comments