Lowe's Companies, Inc. (NYSE: LOW ) stock was flying high today on news of its CEO succession plan.
Robert Niblock, the current Chairman, President and CEO of Lowe's Companies, Inc., is planning to retire after 25 years with the company. As such LOW will be conducting a search for Niblock's replacement.
Lowe's Companies, Inc.'s Board of Directors will be conducting the search to find a replacement CEO. During the time of the search, Robert Niblock will continue to act as the Chairman, President and CEO of the company. He will aid the search and plans to retire once the Board finds his replacement.
Robert Niblock's decision to retire will bring an end to his 13-year tenure as the CEO of Lowe's Companies, Inc. The CEO says that he is confident now is the proper time to hand over the reigns of the company to the next generation of leaders.
"The board is committed to conducting a thorough and comprehensive search to identify the best candidate to serve as our next CEO," Marshall Larsen, Lead Director of the Board, said in a statement . "We wish Robert all the best in his retirement and look forward to his continued involvement with Lowe's during this leadership transition."
Lowe's Companies, Inc.'s search for a new CEO comes as the company fails to keep up with rival Home Depot Inc (NYSE: HD ). Investors are likely hoping that a new CEO will bring more life to the company and push further success in a strong home renovation market.
LOW stock was up 5% as of noon Monday.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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