Lowe’s Companies, Inc. announced June 4 that chief financial officer Marshall Croom plans to retire from the company Oct. 5.
Croom took the job of CFO in March 2017, replacing Robert F. Hull Jr. in the position when Hull retired. Croom has worked for Lowe’s for 21 years.
Lowe’s is conducting an external search for its next CFO and has retained an executive search firm to assist in the process, according to the company.
“It has been a privilege to work alongside the talented and dedicated Lowe’s team,” Croom says. “I am proud of the progress we have made and the team we have built, and I am committed to ensuring a smooth transition.”
The announcement of Croom’s retirement came shortly after Lowe’s named Marvin Ellison, former chairman and CEO of J.C. Penney Co., as president and CEO. On July 2, Ellison will replace Robert A. Niblock, who is currently Lowe’s chairman, president and CEO.
Croom will continue in his role as CFO until his successor is appointed, and then will remain with the company during a transition period until his retirement date.
“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 omnichannel project authority,” Niblock says. “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.”
Lowe’s is headquartered in Mooresville, North Carolina, and operates more than 2,390 home improvement and hardware stores in the U.S., Canada and Mexico. The company’s fiscal year 2017 sales were $68.6 billion.