Lowe’s authorizes buyback program

Lowe’s Board of Directors has authorized a $5 billion share repurchase program for the company’s common stock.

The repurchase program has no expiration date and will be added to the previous program's remaining balance, which was $2.1 billion as of Nov. 3, 2017, the end of the company's third fiscal quarter, the company said.

According to Lowe’s, repurchases will be subject to market conditions and will be made from time to time either in the open market or through private off-market transactions in accordance with the requirements of the Securities and Exchange Commission.  

Lowe's recently named 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.

D. E. Shaw, a hedge fund with $48 billion in assets, has taken a large stake in Lowe’s over the past year — as much as $1 billion — and recently became active in criticizing the retailer’s overall strategy. According to reports, Batchelder was D. E. Shaw’s choice to join the Lowe’s board.