Three new board members for Lowe’s
Lowe's has appointed David Batchelder, co-founder of Relational Investors, and Lisa W. Wardell, CEO of Adtalem Global Education, to its board of directors, effective March 22.
The company will nominate Batchelder, Wardell and new nominee Brian Rogers, chairman of T. Rowe Price Group and its former chief investment officer, for election at Lowe's 2018 Annual Meeting of Shareholders.
"We are pleased to welcome David, Brian and Lisa as new independent directors to the Lowe's board and especially value the constructive discussions we have had with the D. E. Shaw group," Robert Niblock, Lowe's chairman, president and CEO, said in a prepared statement.
D. E. Shaw, a hedge fund with $48 billion in assets, has taken a largest stake in Lowe’s over the past year — as much as $1 billion — and recently became active in criticizing the retailer’s strategy. According to reports, Batchelder was D. E. Shaw’s choice to join the Lowe’s board.
Batchelder sat on The Home Depot board of directors from 2007 to 2011.
“We appreciate Lowe's collaborative approach and are pleased to have worked together to enhance the company's board of directors," said Quentin Koffey, a portfolio manager at D. E. Shaw. "Lowe's is an excellent company with tremendous value creation opportunities in front of it, and we believe the new directors will be significant assets to the board. We believe the refreshed board and the management team are committed to achieving outstanding performance and maximizing shareholder value."
Batchelder will serve for the duration of his time as a director on the board's compensation committee, chaired by Eric Wiseman, former chairman and CEO of VF Corporation, and the nominating and governance committee, chaired by Lowe's lead director Marshall Larsen, former chairman and CEO of Goodrich Corporation.
Wardell will serve on the board's audit committee, chaired by Raul Alvarez, chairman of Skylark Co., and the public policy committee, chaired by Angela Braly, former chair and CEO of WellPoint, Inc.
Rogers' committee appointments will be determined immediately following his election to the board at the shareholders meeting, Lowe’s said.