Lowe's President and COO, Stone, to Retire

Home Textiles Today Staff -- Home Textiles Today, 2/8/2011 5:41:51 AM

MOORESVILLE, N.C. - Lowe's Companies Inc.'s president and coo since 2006 - Larry D. Stone - will be retiring this summer, on June 2, which marks his 42nd anniversary with the home improvements chain.
     Stone has served in "virtually every leadership position," the company noted, within store operations, merchandising and store environment during his career at Lowe's.
     "After more than four decades of commitment and dedication to the company he truly loves, we knew the day would come when Larry retires and begins the next chapter in his life," said Robert Niblock, chairman and ceo.
     The company does not plan to fill the president and coo position after Stone's retirement. Instead, Niblock and Stone will work together over the coming months for "a smooth transition."
     But other executive shifts are in the works at Lowe's. The chain is making the following promotions within merchandising, store operations and strategic planning:
     --Robert (Bob) Gfeller to evp of merchandising from svp and gmm of hardlines and building products;
     --Rick Damron to evp of store operations from svp of logistics;
     --William (Doug) Robinson to svp of customer support services from vp of store operations/special projects;
     --Richard Maltsbarger to svp of strategy from vp of strategic planning;
     Gfeller is replacing Charles (Nick) Canter, who earlier announced his plans to retire this March following 37 years with the company.
     "These outstanding leaders have been instrumental in the development and execution of Lowe's current business plan as well as the strategic initiatives that will drive our future success," added Niblock. "They know our company, our customers and the marketplace and are well-prepared to excel in their new roles."