Lowe’s has announced a new leadership structure that includes “simplified roles and responsibilities to drive operational excellence,” the company announced in a press release.
The company has eliminated several positions, including chief operating officer, chief customer officer, corporate administration executive and chief development officer. Employees in senior leadership roles will absorb these positions’ responsibilities.
Among the departures is chief operating officer Richard Maltsbarger, who assumed the position in February and has been with Lowe’s since 2004. Chief customer officer Michael McDermott will exit Lowe’s in November.
Lowe’s is also creating at least two new executive roles. These new positions include executive vice president of stores and executive vice president of supply chain. The company says it is currently searching for candidates to fill these roles.
“We have taken a fresh look at our organizational structure and are realigning our leadership team to improve our focus, better leverage Lowe’s omnichannel capabilities and deliver increased value for our customers, associates and shareholders,” president and CEO Marvin Ellison says in a statement.
The changes at the executive level come one week after Ellison officially assumed his responsibilities as the company’s new president and CEO.
Based in Mooresville, North Carolina, Lowe’s currently operates more than 2,390 home improvement and hardware stores in North America and employs roughly 310,000 people. In first-quarter 2018, the company reported net earnings of $988 million.