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Lowe's Companies Inc. (NYSE: LOW), Mooresville, NC, has named Marvin R. Ellison president and CEO effective July 2; he also will join Lowe’s board of directors. Ellison replaces Robert A. Niblock, who announced his intention to retire earlier this year.
The company also appointed Richard W. Dreiling chairman, effective July 2. Dreiling has been a director at Lowe’s since 2012.
Ellison is a 30-year retail industry veteran and currently serves as chairman and CEO of J.C. Penney Company, Inc. He also spent 12 years in senior-level operations roles with The Home Depot, Inc., where he served as executive vice president of U.S. stores.
Separately, Lowe's reported sales and earnings for its fiscal first quarter ended May 4, 2018. Sales were $17.4 billion, a 3 percent increase compared to the first quarter of 2017; profit was $988 million compared to $602 million a year ago.