Lowe’s CFO Bob Hull leaves at short notice

  • Signs for push-out forces
  • After 14 years on the job
  • Laud, praise, thanks and good wishes for Hull
  • Marshall Croom taking over

(management-change.com) — Mooresville, North Carolina, January 17, 2017 — This news came the day after Martin Luther King, Jr. Day. Bob Hull, finance chief of Lowe’s, leaves. It is a change at short notice. As announced by Lowe’s Companies, Inc. in a news release and in a regulatory filing published on Tuesday, January 17, 2017, Robert F. (Bob) Hull Jr. leaves the post as Chief Financial Officer at the retail company in a surprising move after 14 years on the job, effective March 03, 2017.

It is the end of an era.

Hull Jr.’s duties are taken over by Marshall A. Croom, currently Chief Risk Officer at Lowe’s Companies, Inc.

No reason given

In the announcement, Lowe’s did not explicitly explain the reason for Hull Jr.’s imminent move, opening the door for speculation.

Alarm signal

Generally speaking, it is often an alarm signal for investors when a CFO leaves the position at short notice and without a reasonable explanation.

“Retire”

Lowe’s said: “Robert F. Hull, Jr. will be retiring as the Company’s Chief Financial Officer, effective March 3, 2017.”

Precise information about the future plans of Hull Jr. was not immediately available.

Share price rise since February 2009

The change follows a rise in the share price of Lowe’s Companies, Inc. since February 2009.

Chaired by Robert A. Niblock

Lowe’s Companies, Inc. is chaired by Robert A. Niblock.

Niblock has served as chairman and chief executive officer of Lowe’s Companies, Inc., since January 2005. In 2011, he reassumed the title of president, after having served in that role from 2003 to 2006.

On the job as CFO since 2003

Bob Hull has served as Lowe’s chief financial officer since 2003.

He joined Lowe’s in 1999 as vice president of financial planning and analysis.

Hull is responsible for accounting, tax, treasury, investor relations, and financial planning and analysis.

He has more than 25 years of retail and financial management experience.

Hull is a certified public accountant and earned bachelor’s degrees in accounting and business administration from the University of North Carolina at Charlotte.

Hull serves on the Board of Directors of SPX Corporation and the Board of Trustees of the University of North Carolina at Charlotte.

Hull will remain at Lowe’s through March to ensure a smooth transition period.

Signs for push-out forces

It is not completely certain what forces eventually triggered Bob Hull Jr.’s move.

The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.

Read the full story in the management-change.com report 04.2017 ($).