The new executive vice president of home-improvement retailer Lowe’s Cos. Inc. will be paid a base annual salary of $750,000, with a bonus opportunity equal to 100% of his salary, according to a filing with the Securities and Exchange Commission.
The new chief financial officer will have a base annual salary of $925,000, with a $1 million signing bonus, the filing says.
Joseph McFarland, the new executive vice president, was set to begin work Aug. 15. McFarland recently served as J.C. Penney Co. Inc.’s executive vice president and chief customer officer, and before worked for Lowe’s competitor Home Depot for 22 years. He will report to Marvin Ellison, president and CEO of Lowe’s.
New CFO David Denton’s effective date of work is dependent upon his current employer, CVS Health. Denton will join Lowe’s shorty after the closing of the CVS acquisition of Aetna, according to a Lowe’s press release.
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