Home improvement retailer Lowe's recently completed the search for one chief officer, and has started the process for another.
Former Home Depot and JCPenney CEO Marvin Ellison will take over the same position at Lowe's on July 2, and on Tuesday, the company announced that CFO Marshall Croom plans retire on Oct. 8. He will continue as CFO until a successor is appointed and remain with the company during a transition period until his retirement date.
Lowe's said it is conducting an external search for its next CFO and has retained an executive search firm to assist in the process.
"On behalf of the entire Board and management team, I thank Marshall for his dedication and valuable contributions during his more than two-decade career at Lowe's," said Robert Niblock, Lowe's chairman, president and CEO. "Lowe's has a strong finance team, and Marshall has played a significant role in helping drive financial and operational improvements as we work to enhance our position as the omni-channel project authority. I am deeply appreciative that Marshall will remain with Lowe's to help facilitate a smooth leadership transition and wish him all the best in his retirement."
Croom has been with Lowe's since 1997 and was promoted to CFO in 2017. He was appointed chief risk officer in 2009 and also has served as senior vice president of finance, treasurer, assistant treasurer and senior vice president of merchandising and store operations support. Croom has served on the board of directors of the Lowe’s Charitable and Educational Foundation since 2003. Prior to Lowe's, Croom had an 11-year career with Ernst & Young.
"It has been a privilege to work alongside the talented and dedicated Lowe's team," Croom said. "I am proud of the progress we have made and the team we have built, and I am committed to ensuring a smooth transition."