Lowe’s Cos. names Ellison chairman

Lowe’s Cos. announced its board of directors has elected CEO and president Marvin Ellison, a sitting director of the company, as chairman of the board, effective immediately.

Ellison succeeds Richard W. Dreiling, who has shifted from the role of chairman to lead independent director. “I am honored to have the confidence of the board and to take on this additional responsibility at such an exciting time for Lowe’s,” Ellison said in a release.