President Larry Stone to Retire in June 2011

MOORESVILLE, N.C. (BUSINESS WIRE), January 28, 2011 – Lowe’s Companies, Inc. (NYSE: LOW) today announced Larry D. Stone, president and chief operating officer since 2006, will retire on June 2, 2011 – his 42nd anniversary with Lowe’s. Stone has served in virtually every leadership position within store operations, merchandising and store environment during his career.

“After more than four decades of commitment and dedication to the company he truly loves, we knew the day would come when Larry retires and begins the next chapter in his life,” said Robert A. Niblock, chairman and CEO. “He has made many important and lasting contributions to Lowe’s during his career. It would be an understatement to say he will be missed.”

The company does not plan to fill the president and chief operating officer position after Stone’s retirement. Niblock and Stone will work together over the coming months to ensure a smooth transition.

Lowe’s also announced today the following promotions within merchandising, store operations and strategic planning:

  • Robert J. (Bob) Gfeller, Jr. – Executive Vice President, Merchandising
  • Rick D. Damron – Executive Vice President, Store Operations
  • William D. (Doug) Robinson – Senior Vice President, Customer Support Services
  • Richard D. Maltsbarger – Senior Vice President, Strategy

Bob Gfeller is replacing Charles W. (Nick) Canter, who previously announced his retirement effective March 2011 following 37 years with the company. Gfeller most recently served as senior vice president (SVP) and general merchandising manager – hardlines and building products. He joined the company in 1999 and served as SVP of marketing for 10 years before moving to merchandising in 2009. Gfeller has more than 25 years of branding and retail marketing experience, having managed some of the nation’s leading brand names and products at The Coca-Cola Company and Nabisco, Inc.

Rick Damron has served as SVP of logistics since 2009 and possesses more than 28 years of Lowe’s store operations experience, including SVP of the company’s North Central and Northeast divisions, and regional vice president Lowe’s Pennsylvania and New Jersey markets. Damron also served as store manager and district manager earlier in his career. He replaces Michael K. Brown, who was recently named EVP and chief information officer.

Doug Robinson’s promotion to SVP of customer support services follows his most recent assignment as vice president of store operations/special projects, which includes Lowe’s customer contact (call) center, flexible product fulfillment and appliance service/repair. In addition, he will assume responsibility for

Robinson was instrumental in the development of Lowe’s Canadian market strategy and operations while serving as the company’s first president of Lowe’s Canada from 2005 to 2007. He also served in Lowe’s U.S. store operations as district manager. Prior to Lowe’s, Robinson was president and CEO of ARXX Building Products in Ontario, and previously served as President and CEO of Beaver Lumber Company in Toronto.

Richard Maltsbarger, promoted to SVP of strategy, has more than 15 years of experience in strategic planning, consumer and market research, quantitative analytics, enterprise information management, marketing and economic analysis. He most recently served as vice president (VP) of strategic planning. Other positions held at Lowe’s include VP of research and director of customer analytics.

Prior to joining Lowe’s, Maltsbarger held various strategy, marketing and consumer analytics positions with IBM Global Business Solutions, Monsanto Company, Farmland Industries and the University of Missouri. He joined Lowe’s in 2004.

“These outstanding leaders have been instrumental in the development and execution of Lowe’s current business plan as well as the strategic initiatives that will drive our future success,” added Niblock. “They know our company, our customers and the marketplace and are well-prepared to excel in their new roles.”

With fiscal year 2009 sales of $47.2 billion, Lowe’s Companies, Inc. is a FORTUNE® 50 company that serves approximately 15 million customers a week at more than 1,725 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world. For more information, visit



Lowe’s Companies, Inc.
Chris Ahearn, 704-758-2304