Lowe’s Companies Inc. (NYSE: LOW) shares saw a nice bounce on Tuesday after the company announced that it would be restructuring its upper level management team. The current CEO, Marvin Ellison, just took over the role on July 2, after receiving the appointment back in May. It seems that he is wasting no time trimming the organization to his liking.
As part of the company’s new leadership structure, the chief operating officer, chief customer officer, corporate administration executive and chief development officer positions have been eliminated, and responsibilities formerly under these roles will be assumed by other senior leadership roles that will report directly to the CEO.
These changes are effective immediately but will require a transition period until all roles are permanently filled.
Marvin R. Ellison, president and CEO of Lowe’s, commented:
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. As we make this transition, I would like to recognize the numerous contributions of the senior leaders departing Lowe’s and thank them for their years of service.
Some of the main highlights from the restructuring include:
EVP, Merchandising: This role will be responsible for merchandising, marketing, digital, and data analytics and customer insights. William P. (Bill) Boltz has been named to the role, effective Aug. 15, 2018…
Effective Nov. 6, 2018, after ensuring a smooth transition, Chief Customer Officer Michael P. McDermott has decided to leave the company to pursue other interests.
EVP, Stores: The company has initiated an external search for this newly created role, which will oversee the North, South and West divisions, Orchard Supply Hardware, operations engineering, Pro and services businesses, and asset protection…
Effective immediately, Chief Operating Officer Richard D. Maltsbarger will be leaving the company.
EVP, Supply Chain: This newly created role will oversee distribution centers, logistics, global sourcing, transportation and delivery services. Mike West, current senior vice president, supply chain operations, will serve in the role on a transitional basis while an external search is underway.
SVP, Chief Information Officer: Paul D. Ramsay will remain in his current role as CIO.
EVP, Chief Financial Officer: As previously announced, Marshall A. Croom plans to retire from the company, effective Oct. 5, 2018. An external search is underway.
Shares of Lowe’s were last seen up about 2% at $98.81, with a consensus analyst price target of $107.41 and a 52-week trading range of $70.76 to $108.98.