Here's what Lowe's new CEO will receive in salary and stock

The new chief executive of home-improvement retailer Lowe’s Cos. Inc. will be paid a base annual salary of $1.45 million and receive stock options and restricted stock worth $6 million, according to a filing with the Securities and Exchange Commission.

Marvin Ellison, currently the CEO of J.C. Penney Co. Inc., was announced as the company’s next CEO earlier this week. He will start his job on July 2, replacing Robert Niblock, who received a base salary of $1.3 million in 2017.

He’ll need to turn around the fortunes of the Mooresville-based company, which has lagged behind rival The Home Depot Inc. in recent years. Ellison was previously an executive vice president at Atlanta-based Home Depot, where he oversaw U.S. sales, operations and professional strategic initiatives, improving customer service and efficiency across the organization.

For a signing bonus, Ellison receiving $3.5 million in restricted stock that will vest after he’s been at Lowe’s for three years, He’s also eligible for other stock awards, relocation expenses and a bonus worth up to 200% of his annual salary.

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Cox Media Group