Lowe's CFO announces retirement
Just weeks after naming Marvin Ellison as the company’s new CEO Lowe’s announced that Chief Financial Officer Marshall Croom is retiring.
Croom is a 21-year veteran of the company and will retire, effective Oct. 5. He will remain in his position while a replacement is found and continue during a transition period until the retirement date, the company said. A CFO search is currently underway.
"On behalf of the entire Board and management team, I thank Marshall for his dedication and valuable contributions during his more than two-decade career at Lowe's," said Robert Niblock, Lowe’s outgoing chairman and CEO. "Lowe's has a strong finance team, and Marshall has played a significant role in helping drive financial and operational improvements as we work to enhance our position as the omni-channel project authority. I am deeply appreciative that Marshall will remain with Lowe's to help facilitate a smooth leadership transition and wish him all the best in his retirement."
"It has been a privilege to work alongside the talented and dedicated Lowe's team," said Croom. "I am proud of the progress we have made and the team we have built, and I am committed to ensuring a smooth transition."
Mooresville, N.C.-based Lowe’s operates 2,390 stores in the United States, Canada, and Mexico.
Ellison will step down from his position as CEO of J.C. Penney on June 1 before stepping in as Lowe’s next CEO. Niblock has served as Lowe’s CEO and chairman since 2005.
Croom is a 21-year veteran of the company and will retire, effective Oct. 5. He will remain in his position while a replacement is found and continue during a transition period until the retirement date, the company said. A CFO search is currently underway.
"On behalf of the entire Board and management team, I thank Marshall for his dedication and valuable contributions during his more than two-decade career at Lowe's," said Robert Niblock, Lowe’s outgoing chairman and CEO. "Lowe's has a strong finance team, and Marshall has played a significant role in helping drive financial and operational improvements as we work to enhance our position as the omni-channel project authority. I am deeply appreciative that Marshall will remain with Lowe's to help facilitate a smooth leadership transition and wish him all the best in his retirement."
"It has been a privilege to work alongside the talented and dedicated Lowe's team," said Croom. "I am proud of the progress we have made and the team we have built, and I am committed to ensuring a smooth transition."
Mooresville, N.C.-based Lowe’s operates 2,390 stores in the United States, Canada, and Mexico.
Ellison will step down from his position as CEO of J.C. Penney on June 1 before stepping in as Lowe’s next CEO. Niblock has served as Lowe’s CEO and chairman since 2005.