In an interview with North Carolina Biz News Wire, Lowe’s CEO Marvin Ellison is looking back on his first year at the helm of the U.S. big-box home improvement chain.
“When I came to Lowe’s, I quickly saw that the existing strategy was too complicated,” Ellison says. “It was hard for our leaders to prioritize and align, and it was hard for our associates to understand the role they played in Lowe’s success.”
Shortly into his first year, Ellison began to eliminate nonessential business initiatives he said didn’t benefit Lowe’s. Among them were its Resolve, a contracting recommendation network, and its Iris line of smart home products. At the time, Ellison said the decision would enable Lowe’s to “intensify [its] focus on the core retail business.”
This move enabled Ellison and his team to “allocate Lowe’s capital toward the company’s products, customer-service experience and technology that removes friction” for customers, according to the article.
The report notes that since Ellison became Lowe’s CEO, the company’s stock has risen nearly 17 percent.
Ellison also commented on the importance of striking a balance between pro and DIY customers.
“I’m also committed to gaining back our valuable pro customers without losing the qualities that make us a great place to shop for DIY customers,” he says.
Ellison became CEO of Lowe’s in July after previously serving as CEO of J.C. Penney Co and as an executive vice president of Lowe’s rival Home Depot.