-- Canter Assumes Responsibility for Merchandising --
-- Brown Promoted to EVP of Store Operations --
MOORESVILLE, N.C., Dec. 15 /PRNewswire-FirstCall/ -- Lowe's Companies,
Inc. (NYSE: LOW) announced today the promotion of Larry D. Stone to president
and chief operating officer, effective immediately. Stone will continue to
report to Chairman and CEO Robert A. Niblock, who served as president since
Stone, a 37-year Lowe's veteran, previously served as senior executive
vice president of merchandising/marketing. He joined the company in 1969 and
has served in virtually every leadership position within store operations,
merchandising and store environment. In his new role, Stone will have
responsibility for store operations; merchandising; marketing; logistics and
distribution; merchandising and store support; and Lowe's Canadian operations.
"Larry is a true leader who has excelled in every assignment since joining
the company and will do an outstanding job leading all of our line functions,"
said Niblock. "He has a deep understanding of our operations and a real
passion for customer service. Larry played a key role in transforming Lowe's
into the successful company we are today, and he has certainly earned this
Nick Canter has been appointed executive vice president, merchandising,
reporting to Stone. He will also have responsibility for global sourcing and
store environment. Canter served most recently as executive vice president of
store operations and has 32 years of Lowe's operations and merchandising
experience. In addition to his extensive store operations background, Canter
has served the company as senior vice president (SVP) and general
merchandising manager (GMM) responsible for building products as well as vice
president (VP) of merchandising for millwork.
Michael K. Brown, a 23-year Lowe's veteran, has been promoted to executive
vice president of store operations, with responsibility for all Lowe's stores
nationwide and the company's specialty sales initiatives. He served most
recently as SVP of store operations for Lowe's South Central Division, and has
previously lead store operations as SVP of the West Division and regional vice
president of the Northeast Division. Brown has also served as VP of specialty
sales and merchandising vice president (MVP) for Lowe's. He will report to
The company also announced the following promotions and changes within its
Michael K. Menser, who previously served as SVP and GMM - home decor, has
been appointed SVP - product development and global sourcing. He will also
serve as president of Lowe's global sourcing subsidiary, LG Sourcing, Inc.
Menser joined Lowe's in 1991 and has significant experience in merchandising,
logistics and global sourcing. He will report to Canter.
Patricia M. (Patti) Price has been promoted to SVP and GMM - Outdoor
Living. She previously served as MVP of seasonal living, and cabinets and
countertops. Price joined Lowe's in 2000 and has nearly 15 years of retail
experience in both merchandising and store operations. She will report to
Clinton T. (Clint) Davis, who previously served as MVP of appliances, has
been promoted to SVP and GMM - Hardlines. He joined Lowe's in 2001 and has
more than 21 years of merchandising, sales and retail experience, and
previously served as MVP of flooring for Lowe's and national sales manager for
Armstrong World Industries. He will report to Canter.
Theresa A. Anderson, previously SVP and GMM - Home and Outdoor Living,
will assume responsibility for Home Decor.
John L. Kasberger, previously SVP and GMM - Hardlines, will assume
responsibility for Kitchen and Bath.
J. David Steed, SVP and GMM - Building Products, will remain in his
"With one of the deepest benches in retail, Lowe's has a long history of
developing great leaders who know and understand every aspect of serving our
customers," explained Niblock. "Today's moves continue that tradition and
will strengthen our already strong management team."
With fiscal year 2005 sales of $43.2 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 12 million customers a week at
more than 1,330 home improvement stores in 49 states. Based in Mooresville,
N.C., the 60-year old company is the second-largest home improvement retailer
in the world. For more information, visit Lowes.com.
SOURCE Lowe's Companies, Inc.
/CONTACT: Shareholders'-Analysts' Inquiries, Paul Taaffe,
+1-704-758-2033, or Media Inquiries, Chris Ahearn, +1-704-758-2304, both of
Lowe's Companies, Inc./
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/Web site: http://www.lowes.com/
CO: Lowe's Companies, Inc.
ST: North Carolina
IN: REA CST
-- CLF073 --
6943 12/15/2006 14:25 EST http://www.prnewswire.com