Lowe’s exec to retire after nearly four decades

Mooresville-based Lowe’s said Tuesday that Chief Operating Officer Rick Damron is retiring after 36 years with the company. He’ll be succeeded by Richard Maltsbarger, who is currently the company’s chief development officer.

Maltsbarger assumes his new position Feb. 3, Lowe’s said in a statement.

Maltsbarger, who was named Lowe’s chief development officer in 2014 and president of international in 2015, also served as president of Orchard Supply Hardware, a California chain of hardware stores Lowe’s acquired in August 2013, from 2013-2015.

In his new role, Maltsbarger, 42, will oversee store operations, supply chain and services for professional customers. He will report to CEO Robert Niblock, Lowe’s said.

“Richard is a proven leader with a keen understanding of our business and industry. He brings vast consumer knowledge from various roles within Lowe’s and has been instrumental in the development and implementation of our strategy,” Niblock said in the statement.

Damron, who will be 55 when he retires in February, started with Lowe’s when he was 19 as a temporary loader at the company’s store in Pikeville, Kent., a spokeswoman said.

“I will be cheering Lowe’s on from the sidelines in my retirement,” Damron said during an earnings call with analysts Thursday.

The announcement of Maltsbarger’s new role comes on the same day Lowe’s reported better-than-expected third-quarter earnings, thanks in part to strong demand for emergency supplies following hurricanes Irma and Harvey.

This story was originally published November 21, 2017 at 8:05 AM with the headline "Lowe’s exec to retire after nearly four decades."