Three highlights emerge at Lowe's
During the Lowe’s shareholders meeting Friday, CEO Robert Niblock emphasized achievements in Lowe's digital space, expanded services to reach the Pro customer and national expansion of Lowe's in-home selling channel.
The CEO, who is stepping down July 2 to be replaced by Marvin Ellison, highlighted the following efforts at the Mooresville, N.C.-based retail giant.
"By focusing on the things that matter most to customers and making strategic investments in the systems, capabilities and people required to meet customers' rapidly changing expectations, we have created the conditions necessary for continued growth," said Niblock, who retires in July after 25 years of service. "Our efforts to realize the purpose-driven, customer-centric, service-minded and principles-based culture are at the core of our 2017 progress. From in-store to digital to over the phone and in the home, we're committed to developing and executing better experiences for customers today and in the future."
Robert Niblock
In addition, the company announced that the board of directors has declared a 17 percent increase in its quarterly cash dividend to 48 cents per share, payable Aug. 8, 2018, to shareholders of record as of July 25, 2018. Lowe's has declared a cash dividend every quarter since going public in 1961.
During the meeting, shareholders elected board members Raul Alvarez, David H. Batchelder, Angela F. Braly, Sandra B. Cochran, Laurie Z. Douglas, Richard W. Dreiling, Marshall O. Larsen, James H. Morgan, Robert A. Niblock, Brian C. Rogers, Bertram L. Scott, Lisa W. Wardell and Eric C. Wiseman to serve until the 2019 Annual Meeting of Shareholders. Niblock also announced the retirement of longtime board member Robert L. Johnson.
Shareholders also ratified Deloitte & Touche LLP as the company's independent public accountant for fiscal 2018, and approved, on an advisory basis, the compensation of the company's named executive officers in fiscal 2017. The shareholder proposal to reduce the ownership threshold to call special shareholder meetings to 10 percent of outstanding shares was not approved.
The CEO, who is stepping down July 2 to be replaced by Marvin Ellison, highlighted the following efforts at the Mooresville, N.C.-based retail giant.
- In the digital space, the company invested in Lowes.com and Lowesforpros.com, improved its pick up in-store capabilities, and grew online sales by 34 percent.
- To better reach the Pro customer, Lowe's acquired Central Wholesalers and Maintenance Supply Headquarters, two of the nation's leading distributors of maintenance, repair and operations products to the multifamily housing industry.
- The company's in-home selling channel, through which project specialists nationwide help customers with planning and executing their biggest projects, surpassed $2 billion in sales.
"By focusing on the things that matter most to customers and making strategic investments in the systems, capabilities and people required to meet customers' rapidly changing expectations, we have created the conditions necessary for continued growth," said Niblock, who retires in July after 25 years of service. "Our efforts to realize the purpose-driven, customer-centric, service-minded and principles-based culture are at the core of our 2017 progress. From in-store to digital to over the phone and in the home, we're committed to developing and executing better experiences for customers today and in the future."
Robert NiblockIn addition, the company announced that the board of directors has declared a 17 percent increase in its quarterly cash dividend to 48 cents per share, payable Aug. 8, 2018, to shareholders of record as of July 25, 2018. Lowe's has declared a cash dividend every quarter since going public in 1961.
During the meeting, shareholders elected board members Raul Alvarez, David H. Batchelder, Angela F. Braly, Sandra B. Cochran, Laurie Z. Douglas, Richard W. Dreiling, Marshall O. Larsen, James H. Morgan, Robert A. Niblock, Brian C. Rogers, Bertram L. Scott, Lisa W. Wardell and Eric C. Wiseman to serve until the 2019 Annual Meeting of Shareholders. Niblock also announced the retirement of longtime board member Robert L. Johnson.
Shareholders also ratified Deloitte & Touche LLP as the company's independent public accountant for fiscal 2018, and approved, on an advisory basis, the compensation of the company's named executive officers in fiscal 2017. The shareholder proposal to reduce the ownership threshold to call special shareholder meetings to 10 percent of outstanding shares was not approved.