Lowe’s Companies, Inc. (NYSE: LOW) today announced its board of directors has elected Marvin R. Ellison, president, chief executive officer and current director of Lowe’s, to the additional role of chairman of the board, effective immediately. Ellison succeeds Richard W. Dreiling, who has shifted from the role of chairman to lead independent director.
“Marvin has demonstrated exceptional leadership at Lowe’s since his appointment three years ago and has built an extremely talented team,” Dreiling said. “He has been the driving force behind the company’s successful transformation into a world-class, omnichannel retailer that provides outstanding customer experiences, is a great place for associates to work and consistently delivers value for our shareholders. He also deftly guided Lowe’s through the pandemic and continued to deliver for associates and our communities. The board is confident Lowe’s remains well-positioned for continued success, and we look forward to working with Marvin in this expanded capacity.”
“I am honored to have the confidence of the board and to take on this additional responsibility at such an exciting time for Lowe’s,” Ellison said. “We have made great strides in transforming the business, and our improved operating capabilities and enhanced technology infrastructure enable us to capitalize on a constantly evolving business environment. Together with the leadership team and our more than 300,000 dedicated associates, we will continue to execute our strategy and deliver exceptional customer service and sustainable value.”
Ellison continued, “Rick has brought valuable perspective to our board over the last nine years. On behalf of the board, we thank him for his leadership and look forward to continuing to benefit from his vast retail experience and operations expertise.”
Ellison joined Lowe’s in July 2018 as president, chief executive officer and director, and has over 35 years of industry experience. Before joining Lowe’s, Ellison served as chairman and CEO of J.C. Penney Co. Before that, Ellison spent 12 years in senior-level operations roles with The Home Depot Inc., including serving as its executive vice president of U.S. stores.