At its 2021 Annual Meeting of Shareholders held today, Lowe’s Companies, Inc. President and CEO Marvin R. Ellison discussed the company’s progress and performance during 2020, including its response to the COVID-19 pandemic. Ellison also discussed the company’s new Total Home strategy, which is expected to enhance customer engagement and grow market share through an increased focus on the Pro customer, an expansion of the online business, modernized installation services, improved localization efforts and elevated product assortment.
“In 2020, Lowe’s rose to the challenges presented by the COVID-19 pandemic, as well as many hard-hitting natural disasters. I am incredibly proud of the hard work and dedication of our associates, especially those on the front lines, who supported our communities and helped our customers keep their homes and businesses safe and operational,” said Ellison.
Based on its confidence in the company’s continued business momentum, its growth trajectory and strong cash flow generation, the board of directors approved a 33 percent increase yesterday in the quarterly cash dividend to 80 cents per share, payable August 4, 2021, to shareholders of record as of July 21, 2021. Lowe’s has paid a cash dividend every quarter since going public in 1961, and it has increased the dividend for more than 25 consecutive years.
At the meeting, shareholders elected board members Raul Alvarez, David H. Batchelder, Angela F. Braly, Sandra B. Cochran, Laurie Z. Douglas, Richard W. Dreiling, Marvin R. Ellison, Daniel J. Heinrich, Brian C. Rogers, Bertram L. Scott and Mary Beth West to serve until the 2022 Annual Meeting of Shareholders. Richard Dreiling, chairman of the board, recognized outgoing board members Eric C. Wiseman and Lisa W. Wardell for their years of service.
Shareholders also approved, on an advisory basis, the compensation of the company’s named executive officers in fiscal 2020, and ratified Deloitte & Touche LLP as the company’s independent registered public accounting firm for fiscal 2021. A shareholder proposal regarding the company’s proxy access bylaw did not pass.
Final voting results will be filed with the Securities and Exchange Commission within four business days.
About Lowe’s
Lowe’s Companies, Inc. is a FORTUNE® 50 home improvement company serving approximately 20 million customers a week in the United States and Canada. With fiscal year 2020 sales of $89.6 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ over 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.
LOW-IR
Contacts: |
Shareholder /Analyst Inquiries: |
Media Inquiries: |
Kate Pearlman |
Ben Boyd |
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704-775-3856 |
917-423-5010 |
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kate.pearlman@lowes.com |
ben.boyd@lowes.com |