Lowe’s CEO: There’s a New Sheriff in Town

Only a week after Marvin Ellison officially took the helm as its new CEO, Lowe’s announced a huge c-suite shakeup, which saw the elimination of the COO, Corporate Administration Executive and Chief Customer Officer positions in favor of newly created positions and new personnel.

If you’re scoring at home, here we go. First the swaps:

COO Richard Maltsbarger left the company as of the announcement on Monday. The search is on for candidates to fill the newly created position of Exec VP of Stores.

Chief Customer Officer Michael P. McDermott is out (as of November 6). Bill Boltz joins Lowe’s as Exec VP of Merchandising on August 15. Boltz has been CEO of power tool manufacturer Chervon.

And a newly created position:

Exec VP of Supply Chain will be filled by Senior VP of Supply Chain Operations Mike West until a permanent holder of the position is named.

A change in title:

Corporate Administrative Executive N. Brian Peace becomes Senior VP of Administration before he takes on an as-yet-to-be-named role in the fall.

And finally the previously announced:

CFO Marshall A. Croom will retire effective October 5, and a search is on for his replacement.

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