Lowe’s Companies Inc. (NYSE: LOW) announced on Monday that its CEO Robert Niblock will retire after serving 25-years with the company. Niblock will remain as interim CEO until the board of directors can find a successor.
Lowe’s shares opened 6 percent higher on Monday following the announcement.
“After a 25-year career at Lowe’s, including 13 years as chairman and CEO, I am confident that it is the right time to transition the company to its next generation of leadership.” said Niblock.
Niblock retirements comes a month after Lowe’s reported its fourth quarter financial results. The company fell behind in its earnings against competitors such as Home Depot, who benefited heavily in the home improvement market. Home Depot reported its earnings the week before Lowe’s and beat estimates.
In the earnings call, Niblock had said that the leadership and board is focused on working to improve the company and its results.
Many shareholders and investors expressed their doubts and concerns about where the company was heading, regarding its recent struggling performance. Shares have fallen over 9 percent this year from Friday’s close.
“As we transition to the next chapter, I have great confidence in the strength of our team and the opportunity ahead for Lowe’s. I look forward to assisting the board with its search, and I am committed to supporting a seamless transition for all of our stakeholders.”