Mooresville-Based Lowe's CEO Steps Down: Report

MOORESVILLE, N.C. — Lowe's, the nationwide chain of home improvement stores, has begun searching for a new chief executive officer with the announcement Monday that Robert Niblock, its current CEO, will retire from the Mooresville-based company, according to a media report. Niblock will remain as the CEO, chairman and president of Lowe's until the company's board of directors chooses his successor, the Charlotte Observer reported.

"After a 25-year career at Lowe's, including 13 years as chairman and CEO, I am confident that it is the right time to transition the company to its next generation of leadership," Niblock said in a company statement. "Serving Lowe's alongside our over 310,000 outstanding employees has been my great privilege and the highlight of my professional career."

Lowe's and its related businesses operate or service more than 2,390 home improvement and hardware stores in the U.S., Mexico and Canada. The company reported $68.6 billion in sales for fiscal 2017, but in recent years, it has struggled to keep up with Atlanta-based Home Depot, the leader in the home improvement market, according to the Observer.

In recent months, Niblock worked to reshape the company, cutting jobs at the Mooresville headquarters and bringing in new leaders, including a former Amazon executive as chief digital officer, according to the Observer.

Lowe’s reported earnings for the fourth quarter of 2017 that fell below expectations, despite a rise in same-store sales, a key indicator of financial health for retail firms, the Observer reported.

»SIGN UP: Get Patch’s daily newsletter and real-time news alerts, or like us on Facebook. Or, if you have an iPhone, download the free Patch app.

Image: Shutterstock