Lowe’s, the nation’s No. 2 hardware retailer, announced Monday that three senior vice presidents are leaving the company, and operations are being consolidated into three geographic divisions from the previous five.
Lowe’s has been beaten by No. 1 Home Depot in same-store sales for nine consecutive quarters. It said it was making the changes “to improve efficiencies, increase speed to market for new products and services, and enhance the shopping experience for customers.”
Three senior vice presidents will lead the three consolidated divisions – North, South and West. They will report to Rick D. Damron, executive vice president of store operations.
Merchandising will be restructured into two divisions – building and outdoor products, and bath and home décor. Their senior vice presidents will report to Robert J. Gfeller Jr., executive vice president of merchandising.
Gone are Theresa A. Anderson and Robert F. Wagner, previously senior vice presidents of operations, and Patricia M. Price, former SVP for home décor.
“This new organizational structure reflects the company’s future direction to better serve customers whenever and however they wish to shop with us,” Damron said in a statement.
The market reacted favorably to the news, as prices rose 0.25 percent to $20.49.
Lowe’s stores reported $48.8 billion in sales for 2010, with 15 million customers per week at more than 1,750 home improvement stores in the United States, Canada and Mexico, including two stores in Santa Clarita.