UPDATE: Lowe's COO Announces Retirement After Major Layoffs

Lowe's Cos. says Larry Stone is retiring as president and chief operating officer of the nation's second-largest home improvement chain.

Lowe's said Friday that it doesn't plan to fill the posts after Stone leaves June 2.

The move comes three days after the company announced plans to lay off about 1,700 middle managers nationwide and add thousands of hourly, part-time weekend sales staff.

Stone will leave Lowe's on his 42nd anniversary with the company. He has served in virtually every leadership position in store operations, merchandising and store environment.

Shares of Lowe's fell 94 cents, or about 3.6 percent, to $25.30 in afternoon trading.

Lowe's, based in Mooresville, N.C., has more than 1,725 stores in the U.S., Canada and Mexico.

-PREVIOUS STORY (1/25/11)-
Lowe's Cos, the nation's No. 2 home-improvement chain, is laying off about 1,700 middle managers nationwide and adding thousands of hourly, part-time sales staff on weekends.

Spokeswoman Chris Ahearn said Tuesday that the company redefined hundreds of middle-management jobs and will eliminate those between assistant store manager and store manager on Saturday.

The company will start taking applications next week to fill the 8,000 to 10,000 new positions, to be spread evenly among Lowe's 1,725 stores. Ahearn said the changes will give the company the staff in needs to help its customers when they shop the most -- weekends.

About 20 percent of stores will not lose staff. Lowe's has about 238,000 employees, with four to six managers at each store.

Ahearn declined further comment, citing Lowe's upcoming earnings report.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by upset Location: maryland on Feb 2, 2011 at 04:50 PM
    I was also told Monday that my position as PSA was being eliminated. Going by store budget. We worked very hard for 6 years to improve our store and were proud of our accomplishments. Feels like it was not appreciated at all. Didnt get much pay to begin with and were told we were not losing money. So what reasoning is there for this? At this point, keeping us has absolutely nothing to do with budget...unless knowing that taking away our great schedule will definately push some away and therefore save SOME. They are putting the hole store responsibility on only a FEW PSAs and some weeks were overload for ALL of us. We will just have to sit back and watch what happens to THIS bright idea I guess!!
  • by dicky Location: charlotte, NC on Jan 31, 2011 at 05:32 PM
    I was told today, I the PSA, am being ended. PSA's saved "billions from vendors, now to be told after 4 years...no more. East coast first. Anyone else?
  • by Marcos Location: Cincinnati on Jan 30, 2011 at 08:45 PM
    Hey no way in hades the incoming weekend parttimers will be slacker college kids. You've got to remember the unemployment rate is high & there are a lot of tremendously talented mgt-type folks out there some of which have been out of work for many, many months. In a lot of cases they themselves were forced out of their former jobs by this same sort of "restructuring". So what comes around goes around. Folks, this is all about what Charles Darwin told us in his "survival of the fittest" theory. From here on out, only the strongest (the best educated, skilled & diverisified in their # of skills) individuals will survive!
  • by Lady on Jan 29, 2011 at 08:26 PM
    None of this is good for anyone. These people should have been offered other jobs at lowe's. And please check the company's yearly profits before you think we're going under. This is a timely move thought up by corporate to get rid of higher paid for low paid part time serfs that are headed our way. All the part timer will amount to is some idiot college kid showing up to walk around, ask me stupid questions, and get beer money. They won't likely show up on time. And sometimes they won't show up at all. Then I get to start over with another one. Yay. If you think this is it just wait and see. Department managers will be the next to go. I bet they fire half of them and then give the others my job and fire me. The person fired at my store was not in the management they eliminated. He was just occupying a position they wanted to give to one of they guys whose job was downsized. How does that work?
  • by Part Timer Location: Lowes Land on Jan 29, 2011 at 07:02 PM
    I'm so not getting how this is Obama's fault. Stupid for Lowe's to lose so many good senior managers then drop another bomb via email that department managers and RTM Clerks will lose their jobs. I truely feel sorry for them, and pray that things work out because Home Depot did the same to me and I can understand the hurt, paint and stress they are feeling. On another note coming from a PART TIMER at Lowes (yes me) WE DO HAVE benefits, medical, dental, vision, vacation, holidays, stock options, etc. I will take this because it beats the unemployment that I've exhaused months ago!
  • by boxer on Jan 29, 2011 at 06:50 PM
    All you gotta do is stop shoppping at Lowes. They sell very little that's made in USA. They are making themselves and China richer everyday. Mean while we work for pennies and no benefits. Obama got your back, I'm sure. I don't shop at wal-mart for the same reasons, and I NEVER use a self checkout. I want a real live working person to check me out. Think about who your money is supporting before you spend it. Wake up America. If we don't buy it.......they won't sell it!!
  • by Anonymous on Jan 29, 2011 at 06:25 PM
    Preach it Barlow! Hitting the nail right on the headand stepping on toes... I'm loving it!!!!
  • by Barlow Location: Winterville on Jan 29, 2011 at 01:40 PM
    J, WOW! I didn't know working part time was so great! I am going to work part time and pay PART of my mortgage and PART of my utility bill and just PART of the money I need for food and gas! I think I'll just live PART of the time. How about YOU do that! The corporations win, you lose! period! How about the executives just get PART of their bonuses which would probably allow them to pay thousands of people full time.
  • by Dar Location: Wilmar on Jan 29, 2011 at 01:12 PM
    Barlow, while I am at it, let's see. We have government housing (criminal world in itself), utility assistance, transportation assistance, medicaid, WIC, Pell Grants, childcare assistance & last but not least, food stamps. Maybe we add "food chewer assistance" for those they make a living off the backs of taxpayers, to assist in the chewing of their free food. I firmly believe in assisting others in their time of needs but I don't remember public assistance being a career choice at "career day" at school and we have too many chosing this lifestyle. This country is raising generations of wimps, lazy/trifling people & the future WILL not get better until people decide to make better choices and not place the consequences of their action on the taxpayers.
  • by Dar Location: Wilmar on Jan 29, 2011 at 01:00 PM
    Barlow, you still missed the point, you hate anyone that is rich. What do you consider "orofiting from the misery of others"? You want to know what the problem, it's greed on everyone's part. It's the "gotta have, need it, want it" generation that includes rich, middle class & poor. They spend, spend & spend because they have to have the BEST. Common sense is nowhere to be found. I do agree we have corrupted CEO's as well as companies that would steal food out of a child's mouth but let's not paint everyone with the same brush. If an individual has worked hard their whole life for a company they have built, then he/she should enjoy the fruits of their investment. Far too many have set back on their butts waiting for handouts that they don't know HOW to earn a living. It's called LAZINESS. They want the government to take care of them. They should have gotten an education,not had babies out of wedlock & let booze & drugs alone. Companies create jobs, not the government or the poor.

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 114609529 - witn.com/a?a=114609529
Gray Television, Inc.