Lowe’s shakes up executive team

MOORESVILLE, N.C. ― New Lowe’s Cos. CEO Marvin Ellison is starting off with a bang, announcing major changes to its leadership structure. Gone are the positions of chief operating officer, chief customer officer, corporate administration executive and chief development officer. Their responsibilities will be transferred to other executives under Ellison’s immediate oversight. Chief Customer Officer Michael McDermott will step down in November, while COO Richard Maltsbarger is leaving the company immediately.

Chervon North America CEO Wiliam Boltz has been named executive VP of merchandising. Lowe’s is searching for outsides candidates for the positions of EVP of stores and of supply chain. Mike West, senior VP of supply chain operations, will fill the latter as interim. CFO Michael Croom retires in October, and an outside search is underway for his successor.