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Lowe's seeks new CEO as Niblock plans to retire

Lowe's Cos. Inc. CEO, Chairman and President Robert Niblock will retire from the home improvement chain, the company said March 26.

A Lowe's spokeswoman told S&P Global Market Intelligence that Niblock has decided "the time was right to transition the company to its next generation of leadership." Niblock has been with Lowe's for 25 years and has spent the last 13 as CEO and chairman.

Lowe's board has initiated a search for Niblock's successor. Niblock will remain CEO, chairman and president until a successor is found, the company said.

The spokeswoman declined to comment on whether the search will target internal or external candidates.

"The board is conducting a comprehensive search to identify the best candidate to lead Lowe's," she said. "This is a top priority for the board."