Lowes CEO Profits $23.5 Million in Stock Trades

3/9/17

By Charlotte Chilton, NC BIZ News

The chief executive officer of Lowes Companies Inc. has profited $23.5 million through exercising stock options and then selling that stock.

Robert Niblock exercised 109,345 stock options at $28.38 on Monday and sold those shares at $81.28. On Tuesday, he exercised 337,655 shares at the same price and sold them at $81 per share.

Niblock, who also serves as chairman and president, still owns more than 370,000 shares worth $30 million.

Lowes announced in January it is implementing new store staff models, resulting in cutting 2,400 jobs. As of latest, there have been 431 cuts in Mooresville and 75 cuts in Wilkesboro. The new model is aimed to increase the efficiency of store operations.

Lowes has been trying to compete with Home Depot, which just posted increased quarterly revenue of 5.8 percent.

The stock price of Lowes closed Thursday at $81.17, down 16 cents.

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