Lowe's 2010 Annual Report Download - page 4

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CONGRATUL ATIONS
Larry Stone, President and
COO, will retire this year on his
42nd anniversary with Lowe’s.
Larry has served in virtually
every leadership position in store
operations, merchandising and
store environment during his
career. Through dedication and
professionalism, he has made
many important and lasting
contributions to Lowe’s and is
admired throughout our industry.
It is an understatement to say
he will be missed, and we wish
him the best as he begins the
next chapter in his life.
Larry D. Stone
President and Chief Operating Officer
for simplicity and value. Our commitment is to deliver better customer experiences by pulling together the best
combination of possibilities, support and value for customers.
In 2010, we took the first steps in our journey to transform Lowe’s from a home improvement retailer to a home
improvement company. What’s the difference? To my mind, a successful home improvement retailer stocks
shelves with the inventory customers want and provides great service. A home improvement
company stretches beyond the confines of brick and mortar stores to provide inspiration,
products and support to customers whenever and wherever they choose, often still in their
local store – or perhaps through our contact center, on the Web, or with a Lowe’s representative
in their home or at their job site. As you can see, being a home improvement company quickly
expands the possibilities available to customers, and I invite you to further consider those
possibilities with us in this report. Some possibilities are already in place while others are still
under development, but they all are part of a coordinated effort to provide better experiences
to the more than 15 million customers who visit our stores weekly, or experience Lowe’s from
their homes or wherever else they choose.
We’ve made some important first steps, but we know we still have a long journey to fully
realize our promise to provide better experiences to customers. I am very appreciative of
our more than 234,000 employees for their resilience throughout the recession and the
sluggish start to the recovery. I am certain they will continue to display teamwork, creativity
and flexibility as we implement new systems and processes that will transform Lowe’s from
a great home improvement retailer to an even better home improvement company.
Thank you for your interest in Lowe’s and for considering the possibilities with us.
Sincerely,
Robert A. Niblock
Chairman of the Board and Chief Executive Officer