Mooresville, NC, December 8--Lowe's Chief Executive and Chairman Robert Tillman will retire from his positions Jan. 28 and will be succeeded by President Robert Niblock, according to the company's quarterly report.
The company said it signed the retirement agreement with Tillman last Friday.
Under the agreement, Lowe's said it will pay Tillman $10,000 for costs related to the negotiations and his retirement planning.
Tillman's outstanding equity awards granted this year and deferred stock units granted in 2003 will become fully vested on his retirement date, according to the company's third-quarter report to the Securities and Exchange Commission.
The retirement agreement also amends awards for all outstanding stock options granted to Tillman before March 1, 2003, allowing the options to vest according to a previously established schedule.
