Lowe's gets a new CFO

Lowe's Companies has promoted Marshall Croom to the role of CFO, replacing Robert Hull Jr., who is retiring after 17 years with the company.

Croom, a 20-year Lowe's veteran, will assume his new title effective March 3, reporting to chairman, president and CEO Robert Niblock. Hull will remain at Lowe's through March to ensure a smooth transition period.

In his new role, Croom will oversee accounting, tax, treasury, investor relations, and financial planning and analysis. He will also continue to lead internal audit and enterprise risk management, areas he has managed since 2009.

"Marshall brings over 30 years of financial and operational experience to his new role and, importantly, possesses a deep understanding of virtually every facet of Lowe's," Niblock said. "We have confidence in Marshall's proven leadership as we continue to focus and invest in the areas that meet consumers' evolving expectations.  We look forward to a smooth transition, given our CFO succession planning process."

Croom has held the role of chief risk officer for the past eight years, providing oversight and direction for the management of all material risks across the company, including enterprise risk management, internal audit, project and process management, quality assurance, information security, loss prevention and workers' compensation.

Prior to leading the risk organization, he held several leadership positions in finance, including senior vice president of finance, treasurer and assistant treasurer, including responsibility for investor relations and tax.

In addition, he served for three years as senior vice president of merchandising and store operations support.

Niblock added, "At the same time, we want to thank Bob for the many contributions he has made to the organization, including 14 years as our CFO.  He played an integral role in the growth and success of Lowe's transformation to an omni-channel home improvement company. We appreciate all that he has done for our company and wish him the best with his next chapter."

Hull said, "My time at Lowe's has been extraordinary and I feel privileged to have worked with people who are so passionate about serving others. I look forward to working closely with Marshall to successfully transition my responsibilities."