Home improvement retailer Lowe’s announced Monday its CEO Robert Niblock will retire after a 25-year stint with the company.
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Niblock will remain in his current position as chairman, president and chief executive until the company’s board selects a successor.
“As we transition to the next chapter, I have great confidence in the strength of our team and the opportunity ahead for Lowe’s,” Niblock said in a statement. “I look forward to assisting the board with its search, and I am committed to supporting a seamless transition for all of our stakeholders.”
The out-going chief executive took the helm of the retailer in 2005 and oversaw the acquisition of Canadian home improvement retailer Rona Inc. in May 2016 in a transaction valued at $2.4 billion.
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Lowe’s shares spiked 6% in early trade. The company’s stock is down slightly more than 4% year-to-date, while over the past year it’s added 9%.
The North Carolina-based retailer’s most recently announced quarterly profit missed analysts’ expectations. Lowe's earned an adjusted 74 cents per share in the fourth quarter, missing the Thomson Reuters estimate of 87 cents. Net sales fell nearly 2% to $15.49 billion, but narrowly topped analyst estimates for $15.33 billion.