Summary
Lowe's Companies, Inc. announced a significant leadership transition in its finance department via an 8-K filing on January 17, 2017. Robert F. Hull, Jr. will be retiring as Chief Financial Officer (CFO) effective March 3, 2017. Mr. Hull will remain with the company in an advisory capacity to ensure a smooth handover until April 1, 2017, with no changes to his compensation during this period. Concurrently, Marshall A. Croom, who has been with Lowe's since 1997 and most recently served as Chief Risk Officer, has been appointed as the new CFO, also effective March 3, 2017. This appointment represents a strategic internal promotion, leveraging Mr. Croom's extensive experience across finance, merchandising, and risk management. His compensation package for the new role includes a base salary of $675,000, with eligibility for short-term and long-term incentive awards aligned with other executive officers.
Key Highlights
- 1Robert F. Hull, Jr. to retire as Chief Financial Officer (CFO) effective March 3, 2017.
- 2Mr. Hull will transition to an advisory role to support the successor until April 1, 2017.
- 3Marshall A. Croom appointed as the new Chief Financial Officer, effective March 3, 2017.
- 4Mr. Croom brings extensive experience from his previous roles as Chief Risk Officer and SVP of Merchandising.
- 5Mr. Croom's new role includes an annual base salary of $675,000.
- 6Mr. Croom is eligible for annual cash-based incentives (target 90% of base salary) and equity awards (value 300% of base salary) for fiscal year 2017.
- 7The company also furnished a press release dated January 17, 2017, as an exhibit.