Summary
Lowe's Companies, Inc. (LOW) announced on August 20, 2010, a key addition to its Board of Directors. Raul Alvarez, the retired President and Chief Operating Officer of McDonald's Corporation, has been elected as a Class I director. Mr. Alvarez's appointment brings valuable executive experience, particularly from his leadership role at a major global corporation. This strategic appointment is designed to enhance the board's oversight and expertise. Mr. Alvarez will serve until the 2011 annual shareholder meeting and has been assigned to important committees: the Audit Committee and the Governance Committee. Investors can view his compensation details in the company's April 12, 2010, proxy statement. The company also furnished a press release announcing this election as an exhibit.
Key Highlights
- 1Raul Alvarez, former President and COO of McDonald's, elected to Lowe's Board of Directors.
- 2Mr. Alvarez joins as a Class I director with a term expiring at the 2011 annual shareholder meeting.
- 3Appointment aims to leverage Mr. Alvarez's extensive executive and operational experience.
- 4Mr. Alvarez has been appointed to both the Audit Committee and the Governance Committee of the Board.
- 5No undisclosed arrangements or transactions exist between Mr. Alvarez and the Company.
- 6Director compensation for Mr. Alvarez will follow the standard non-employee director plan outlined in the company's proxy statement.