Lowe’s announced today that CEO, Robert Niblock, will be retiring after 25 years with the home improvement retailer. Mr. Niblock will retain his position as chairman, president and CEO until the board selects his replacement. He became CEO in 2005 and was in charge of the $2.4 billion acquisition of Canadian retailer Rona, Inc.
“As we transition to the next chapter, I have great confidence in the strength of our team and the opportunity ahead for Lowe’s,” Niblock said in a statement. “I look forward to assisting the board with its search, and I am committed to supporting a seamless transition for all of our stakeholders.”
David Batchelder, who is a new Lowe’s board member and former director at rival Home Depot, will be chairing the committee to find Niblock’s replacement. Lowe’s executives are looking for ways to increase revenue and improve customer results, and did recently close in on Home Depot with same store sales growth.