Mooresville, NC, Mar. 30--Lowe's Cos. Chairman and Chief Executive Robert L. Tillman laughed off a suggestion that he may retire in the next couple of years, saying no decision on when that will happen has been made.
During a presentation at a Banc of America Securities conference Tuesday, Tillman also reiterated the home-improvement retailer's plans to open 140 stores this year and 150 next year. Lowe's capital spending budgets are $3.4 billion this year and $3.6 billion in 2005, Tillman said during the presentation, which was broadcast on the Internet.
Earlier, Banc of America Securities analyst Aram Rubison was introducing Tillman when he said the executive has begun to make known his plans to exit over the next couple of years. Later, during the question and answer period, someone asked Tillman specifically about his plans.
"They're retiring me?" Tillman said with a laugh. He said people may get the impression he's retiring soon because the company has built a "fabulous management team." Those executives are mostly in their 40s, he said.
"I'm the only old guy left," said Tillman, who is 60. "My brain's 40-something but my body's 60-something. There'll be a time when I need to step aside...but there's been no decision about when that will occur."
Asked if he has anyone in mind to replace him, Tillman named Robert Niblock, who was promoted to president from chief financial officer a year ago but wasn't specifically named by the company as Tillman's likely successor.
"Robert Niblock is doing a fabulous job," Tillman said. "Robert Niblock could replace me tomorrow morning."
Tillman did not comment on the company's earnings or sales outlooks. Lowe's has 950 home-improvement stores in 45 states.
