Lowe's 2004 Annual Report Download - page 7

When Bob Tillman joined Lowe’s in
1962, John F. Kennedy was President,
Johnny Carson was just beginning his
rise as king of late-night, and Lowe’s
was a chain of 18 stores in five states.
Back then, Lowe’s was more of a lumber yard than
a home improvement warehouse, focused on new home
builders, rather than retail. In fact, the average Lowe’s only
had approximately 10,000 square feet of retail selling space,
and more than 80 percent of our sales were lumber and
building materials.
While Lowe’s had enjoyed a successful first four decades,
by the mid ’80s our customers and competitors were
changing and the company needed to transform to meet
the challenges of the ’90s and the 21st century. In 1989,
under the leadership of Bob Tillman, the management team
articulated a new vision for Lowe’s that was based on
thousands of hours of customer research. This customer-
focused vision was a guide for our growth. In the years that
followed, the dedication of thousands of Lowe’s employees
enabled the company to transform itself from a regional
chain of small stores to a national chain with an average
store size of 114,000 selling square feet. Bob often
described this difficult transition as changing all four tires
on a car while it was going 60 miles per hour. Bob Tillman
was the architect of that transformation and a visionary
who saw what Lowe’s could and should become.
In 1996, when Bob became President and CEO, Lowe’s
ended the year with 402 stores, 53,000 employees and sales
of $8.6 billion. We ended fiscal 2004 with 1,087 stores in
48 states, over 160,000 employees and $36.5 billion in sales.
During that period of time, Lowe’s stock price increased
578 percent.
Bob retired on January 28, 2005, after 42 years with
the company and as Lowe’s longest tenured employee.
We thank him for his dedication, leadership and vision which
have enriched customers, employees and shareholders alike.
His guidance helped Lowe’s become a leader in home
improvement and more than most ever thought it could be.
1962
Bob Tillman joins Lowe’s
as office manager trainee
1969
Bob Tillman is promoted
to Store Manager of Lowe’s
in Wilmington, NC
1973
Bob Tillman becomes
Regional Marketing
Manager
1974
Bob Tillman returns to
store operations as Store
Manager of Lowe’s in
Wilmington, NC
1985
Bob Tillman is promoted
to Regional Vice President
– Store Operations
1989
Bob Tillman becomes
Senior Vice President
– Merchandising
1991
Bob Tillman is promoted
to Executive Vice President
– Merchandising
1994
Bob Tillman becomes
Chief Operating Officer
and is named to Lowe’s
Board of Directors
1996
Bob Tillman is named
President and CEO
1998
Bob Tillman is elected
Chairman of the Board
January 28, 2005
Bob Tillman retires as
Chairman and CEO
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