(Reuters) - U.S. home improvement chain Lowe’s Companies Inc (LOW.N) said on Monday Chief Executive Officer Robert Niblock will retire and the board has started a search for his replacement.
Niblock, also the chairman and president of the board, took the helm in January 2005. Since then, the company’s sales have risen 88 percent to $68.62 billion in its latest fiscal year.
Niblock, 54, also oversaw the acquisition of Canadian home improvement chain Rona Corp for C$3.2 billion in 2016. He has been with the company for 25 years.
The company’s shares were up 5 percent at $88.05 in premarket trading.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty