Lowe's Names President and CEO

Mooresville, N.C. — Lowe's Companies, Inc. has named Marvin R. Ellison as president and CEO, effective July 2, 2018. He will also join Lowe's board of directors at that time. Ellison succeeds Robert A. Niblock, who previously announced his intention to retire. The Lowe's board has also appointed Richard W. Dreiling, a director of Lowe's since 2012, as chairman, effective July 2, 2018.

As a 30-year industry veteran, Ellison brings significant leadership and operational expertise to Lowe's. Ellison currently serves as chairman and CEO of J. C. Penney Company, Inc., where he implemented a turnaround strategy that has improved the company's balance sheet, increased store productivity, optimized operations and grown key categories. He also has an extensive track record in the home improvement industry, having spent 12 years in senior-level operations roles with The Home Depot, Inc., where he served as executive vice president of U.S. stores. Prior to joining The Home Depot, Ellison spent 15 years at Target Corporation in a variety of operational roles.

"Attracting Marvin is a great win for the entire Lowe's team,” says Marshall O. Larsen, lead director of the board. “Marvin is an experienced retail CEO with extensive expertise in a complex omnichannel consumer-facing company. He also brings significant experience in the home improvement industry, with a proven track record of global operational excellence and driving results."

Founded in 1946 and based in Mooresville, N.C., Lowe's Companies, Inc. and its related businesses operate or service more than 2,390 home improvement stores. For more information, visit www.Lowes.com.

SOURCE: Lowe's Companies, Inc.

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