Lowe's names new COO

Lowe’s has named Richard Maltsbarger as the retailer’s new chief operating officer.

Maltsbarger previously served as Lowe’s chief development officer and as president of international operations. He succeeds Rick Damron who will retire after 36 years with the company, Lowe’s said. In his new role, Maltsbarger will oversee store operations, supply chain, pro operations and services, while working closely with Lowe’s chief customer officer Michael McDermott.

"Richard is a proven leader with a keen understanding of our business and industry. He brings vast consumer knowledge from various roles within Lowe's and has been instrumental in the development and implementation of our strategy,” Robert Niblock, Lowe’s chairman, president, and CEO, said in a prepared statement. “We are confident that in this new role, Richard will continue to enhance our capabilities and processes as we execute our plans and meet customers' rapidly evolving expectations."

Niblock added, "On behalf of the board and management team, I want to thank Rick for his innumerable contributions to Lowe's over his distinguished career during the past three decades. Rick has worked across every aspect of our operations, and his ideas and initiatives have positively impacted Lowe's employees and customers. We wish him all the best in his retirement."

[Related news: Lowe's posts Q3 sales and earnings gains.]

"I have a great deal of admiration and respect for the Lowe's organization and management team and look forward to working with Richard to ensure a smooth transition,” Damron said. “Lowe's is well positioned for continued success, and I have the utmost confidence in our employees and the company's long-term growth opportunities."

Maltsbarger was named chief development officer in 2014 and president of Lowe’s international business in 2015. In his current role, Maltsbarger is responsible for corporate strategy, business development and international operations. Maltsbarger joined Lowe's in 2004 as director of customer analytics and held various senior leadership roles including business development executive, senior vice president of strategy, vice president of strategic planning and vice president of research.

Based in Mooresville, N.C., Lowe’s operates more than 2,370 stores in the United States, Canada, and Mexico. 

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CORRECTION: A headline of a previous version of this article incorrectly described the position as CFO.