Lowe's Poaches Another J.C. Penney Executive as CEO Remakes Team

(Bloomberg) -- Marvin Ellison isn’t wasting time revamping the management team at Lowe’s Cos.

The chief executive officer, who joined the home-improvement chain less than three weeks ago on July 2, named Joe McFarland executive vice president of stores, the company said. He starts on Aug. 15.

McFarland is just the latest example of Ellison bringing in his own team to run Lowe’s. Ellison was a top executive at Home Depot Inc., then became CEO of J.C. Penney Co. in 2015 after being passed over for the top job at Home Depot. Ellison brought McFarland along to J.C. Penney and now to Lowe’s.

Earlier this month, Lowe’s announced a reorganization of the executive suite that eliminated several positions. McFarland’s role is new and replaces the chief operating officer position. That job had been held by Richard Maltsbarger, who left the company.

Earlier this month, Lowe’s named William Boltz, another Home Depot veteran, to the new role of executive vice president of merchandising. He replaced Michael McDermott, the chief customer officer, who also departed.

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