- Lowe’s CFO Dave Denton will leave the home improvement retailer to Become CFO of Pfizerstarting May 2.
- Brandon Sink, senior vice president of retail finance at the home improvement retailer, will succeeds Denton as Lowe’s CFObeginning April 30, according to a company press release.
- Sink, who has more than two decades of finance and accounting experience, joined the home improvement retailer in 2010, serving in various roles in finance, strategy and accounting.
Overview of the dive:
About four years after taking on the role of chief financial officer at Lowe’s, Denton is preparing to leave the home improvement retailer to become chief financial officer of drugmaker Pfizer.
During his tenure, analysts credit Denton with “playing a key role in Lowe’s omnichannel transformation and building investor confidence by providing a stable financial framework,” said Joseph Feldman, Senior Managing Director of Telsey Advisory Group, in an e-mail note.
For its next CFO, Lowe’s turned to its own team. Sink has been with the home improvement retailer for 12 years and has held positions such as vice president of merchandising finance, vice president of corporate strategy, and vice president and corporate controller. In his most recent position as senior vice president of retail finance, Sink was responsible for financial support for stores, merchandising, supply chain, digital and marketing.
“During his nearly 12-year career at Lowe’s, Brandon has worked closely with our leadership team and demonstrated a deep understanding of all facets of our business,” CEO Marvin Ellison said in a statement. “His appointment reflects our succession planning process and the talent of our entire company. He is a proven leader with financial and operational acumen, and I look forward to working together as he continues. we are executing our strategy and continue to grow our market share, increase our operating margins and deliver significant shareholder value.”
Lowe’s also reaffirmed its outlook for 2022 previously announcedexpecting net sales to be between $97 billion and $99 billion and comps to be down 1% on the low end and up 1% on the high end.
After experiencing a boost in the early months of the pandemic, Lowe’s held on to those gains in its latest quarter, reporting net sales rose 5% year-over-year to 21, $3 billion in the fourth quarter, while its competitors rose 5%.