-- Tillman Retires After 42-Year Career -- -- Robert L. Johnson Appointed to Board of Directors --
MOORESVILLE, N.C., Jan 28, 2005 /PRNewswire-FirstCall via COMTEX/ -- Lowe's Companies,
Inc. (NYSE: LOW) announced today that company president Robert A. Niblock has
assumed the additional roles of chairman and chief executive officer.
Niblock, president for the past two years, succeeds retiring chairman and CEO
Robert L. Tillman under the succession plan adopted by the board of directors
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
"Bob Tillman's commitment to excellence and complete dedication to Lowe's,
our customers, employees and shareholders helped this company become what it
is today," said Niblock. "Lowe's will be forever grateful for his 42 years of
vision, leadership and service, and we certainly wish him the best in his
Niblock, 42, has served as chairman and CEO-elect and as a member of the
board of directors since April 5, 2004, when Tillman announced his plans to
retire at the end of Lowe's 2004 fiscal year. Today's action successfully
completes the board's orderly succession plan that transitions leadership of
the company to the next generation of management.
"I am retiring from what I honestly think is the best company and group of
employees ever assembled," said Tillman. "Lowe's has a proven formula for
success, a deep and talented management team led by Robert Niblock, and a
commitment to outstanding customer service that will serve as its foundation
for success well into the future."
In addition, Lowe's board of directors appointed Robert L. Johnson to the
board to serve the remainder of Tillman's unexpired term. Johnson, 58, is the
founder, chairman and CEO of Black Entertainment Television (BET) and the
majority owner of the Charlotte Bobcats of the National Basketball
"Bob Johnson is recognized as a top business leader with world class
experience," said Niblock, "and will be a great asset to Lowe's board of
directors and our company. It is a pleasure to welcome him to our board."
With fiscal year 2003 sales of $30.8 billion, Lowe's Companies, Inc. is a
FORTUNE 50 company that serves approximately 10 million customers a week at
more than 1,075 home improvement stores in 48 states. In 2004, FORTUNE named
Lowe's America's Most Admired Specialty Retailer for a second consecutive
year. Based in Mooresville, N.C., the 59-year old company is the second-
largest home improvement retailer in the world. For more information, visit
SOURCE Lowe's Companies, Inc.
Media, Chris Ahearn, +1-704-758-2304, or Shareholders and Analysts, Paul Taaffe,
+1-704-758-2033, both of Lowe's Companies, Inc.