Business

Lowe's announces major shakeup of executive roles

It has been a year of transformation for Lowe’s, whose new CEO has taken major steps to improve the company’s financial health, from closing stores to replacing executives.
It has been a year of transformation for Lowe’s, whose new CEO has taken major steps to improve the company’s financial health, from closing stores to replacing executives. mhames@charlotteobserver.com

In one of his first moves as CEO of Lowe's, Marvin Ellison announced a major restructuring of its top leadership positions.

The chief operating officer, chief customer officer, corporate administration executive and chief development officer positions have been eliminated, Lowe's said in a statement. Responsibilities formerly under these jobs will be assumed by other senior leaders who will report directly to Ellison.

Some big names leaving the home improvement company include Chief Customer Officer Michael McDermott, who is leaving Lowe's Nov. 6 "to pursue other interests," and Chief Operating Officer Richard Maltsbarger, who is stepping down immediately.

Formerly the CEO of J.C. Penney, Ellison took over as CEO of Lowe's on July 2. He replaced Robert Niblock, who announced his plans to step down as chief executive in late March after about 13 years.

Ellison took over at a time when Lowe's has been working to cut costs and boost profits to catch up with its larger rival, Home Depot.

"We have taken a fresh look at our organizational structure and are realigning our leadership team to improve our focus, better leverage Lowe's omni-channel capabilities and deliver increased value for our customers, associates and shareholders," Ellison said.

Here are the details on the newly restructured executive roles.

Executive vice president of merchandising: William Boltz, a former Home Depot executive and current CEO of Chervon North America, has been named to the role, effective Aug. 15. Boltz will be responsible for merchandising, marketing, digital and data analytics and customer insights.

EVP of stores: Lowe’s said it has begun an external search for this newly created role, which will oversee a number of areas, including the North, South and West divisions; Orchard Supply Hardware; operations engineering; and Lowe’s pro business.

EVP of supply chain: Lowe's also has begun an external search for this newly created role, which will oversee distribution centers, logistics, global sourcing, transportation and delivery services. Mike West, senior vice president of supply chain operations, will serve in the role on an interim basis.

Paul Ramsay will remain in his role as chief information officer.

EVP, chief financial officer: Marshall Croom will retire Oct. 5, Lowe’s has previously announced. An external search to fill his role is underway.

Bill McCanless will remain as EVP, general counsel and corporate secretary. Effective immediately, N. Brian Peace, SVP of administration, will report to McCanless. Peace will take another role in the fall, Lowe's said.

Jennifer Weber will remain in her role as EVP, human resources.

Sylvain Prud'homme will remain as president and CEO of Lowe’s Canada, where he oversees operations in Canada and Mexico.


Correction

A previous version of this story incorrectly identified the employer of William Boltz. He is the CEO of Chervon North America.

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