Compensation Best Practices

iv		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

CORPORATE RESPONSIBILITY

Corporate responsibility is a cornerstone of our Company and a key focus of management and the Board of Directors (the “Board”). We are committed to our people, communities and planet. The Sustainability Committee of the Board oversees Lowe’s environmental and social strategies, and our Sustainability Steering Committee, which is composed of executives and subject matter experts from across the Company, leads the Company’s efforts to integrate corporate responsibility into our business. Our sustainability strategy focuses on goals and commitments across three pillars – Our People & Our Communities, Product Sustainability and Operational Excellence.

Our People & Our Communities

Human Capital

The full Board oversees workforce management and regularly engages with our Chairman, President and Chief Executive Officer, our Executive Vice President, Human Resources and senior leadership on a broad range of related topics. The full Board reviews talent management topics as standing agenda items.

Lowe’s strives to be the employer of choice in retail. At Lowe’s, we are committed to creating valuable career opportunities for our associates, supporting them and the communities where they live and cultivating a culture that invites and encourages diverse opinions and ideas. We would like our associates to see Lowe’s as a “Home to Possibility” with good jobs, a sense of belonging and a promising future. We have a proactive associate listening strategy, most notably through our annual Building Engagement and Success Together (“BEST”) engagement survey. In fiscal 2024, more than 90% of our associates participated in our survey, and our people leaders use the feedback to improve our associate experience.

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		v

Creating Good Jobs

We have a strong track record of investing in our workforce by offering locally competitive salaries and wages. Since 2018, we have invested over $4 billion in incremental wages and share-based compensation for our frontline associates, which included creating many new roles for our associates to grow into as they advance along their career path. In 2024, we awarded approximately $300 million in discretionary and profit-sharing bonuses to our frontline associates. We offer an array of health, welfare and financial benefits to our full-time and part-time associates, including health care and insurance benefits, retirement plans, an employee stock purchase plan, paid time off and leave programs, among others.

We have implemented workforce management tools that enable us to offer various scheduling options to our full-time associates to foster an improved experience in balancing their work and life responsibilities. This includes such options for a shortened workweek, consistent shifts or consecutive days off.

Our focus on the associate experience begins at initial application. The implementation of improved technology in the hiring process has simplified the experience for those looking to join Lowe’s and helped to drive the experience overall. We have Spanish language capabilities to promote bilingual hiring by guiding Spanish-speaking candidates through the full application process.

Providing a safe environment for both working and shopping is one of our highest priorities at Lowe’s. We strive to maintain a culture of safety, which begins with our leaders modeling the behaviors we want our associates to adopt. We embed safety into associate onboarding, developmental e-learning and on-the-job training.

Sense of Belonging

We believe that by building inclusive teams with a range of perspectives, backgrounds and experiences, and equal opportunity for all, we drive better ideas, positive business results and improve service through a deeper connection with the communities we serve. Earlier this year, we evolved our inclusion initiatives, combining our eight Business Resource Groups into one umbrella associate engagement organization. By shifting to one, unified program, Lowe’s is able to foster networking and development for all associates across all areas of the business. Additionally, we eliminated our sponsorship of outside festivals, parades and fairs to focus on our four community pillars: safe and affordable housing, community improvements, skilled trades education, and disaster response. Finally, we are evaluating our participation in external surveys, factoring in the goals of each survey and whether we will gain any actionable insights as a result of our participation. These changes were made with the goal of creating a more respectful and inclusive workplace for all of our associates.

Promising Future

We are committed to securing top talent and providing ongoing training and other developmental opportunities to facilitate meaningful careers at Lowe’s. We offer a variety of role-specific leadership and development programs that build and reinforce functional-technical/professional skills, business acumen and leadership skills to prepare high-performing leaders for their next role. Our focus on leadership development enables us to grow talent internally and has resulted in more than 85% of store leadership positions being filled internally in the last year.

Our Lowe’s University offerings include the district manager and store manager immersive week-long leadership experience programs, delivered from the Lowe’s University training center; the virtually-delivered store department supervisor fundamentals series; the virtually-delivered field supply chain leadership director, manager and supervisor experience programs; and the certification programs for store and technology associates that further develop their skills and knowledge base. In addition, our in-person Lowe’s University offerings include an assistant store manager leadership training to further develop our store leaders.

Additionally, through Lowe’s Track to the Trades program, we offer all Lowe’s associates the opportunity to enroll in programs to complete apprentice certifications in electrical, plumbing, HVAC, appliance repair or multi-family maintenance. The program also connects associates with Pros to help them start a career in their area of interest. The Track to the Trades program demonstrates Lowe’s commitment to our industry and the communities we serve. This program, combined with our tuition-free education program, are further examples of how we are investing in the development of our associates.

vi		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Our Communities

We understand the important role Lowe’s plays in supporting our communities through our philanthropic efforts. With our community engagement initiatives and continued partnerships with nonprofits across the nation, we are revitalizing neighborhoods, improving community spaces, responding when natural disasters strike and preparing the next generation of skilled tradespeople. We carry out these initiatives with a special focus on veterans, the active military community and first responders. Additionally, since awarding its first Gable Grants in 2023, the Lowe’s Foundation has invested over $25 million to help expand skilled trades career pathways through a growing network of community colleges and nonprofits in rural and urban communities across the country. From funding new skilled trade facilities and instructors to accreditation programs, these grants support carpentry and construction, HVAC, electrical, plumbing and appliance repair training.

Product Sustainability

Lowe’s strives to put the customer first by providing high-quality items that help our customers live more sustainably. We begin by selecting suppliers and offering products that support human and environmental health. We are also expanding our pursuit of innovative, more efficient eco-products and educating customers on how to reduce their footprint at home.

We focus our product sustainability efforts on supplier social and environmental practices, responsible sourcing of natural resources and improvements to the environmental performance of our products. These include promoting compliance with our Vendor Code of Conduct, Human Rights Policy and Conflict Minerals Compliance Programs, pursuing our commitment to responsible wood sourcing, seeking to maintain products that are safe and compliant with applicable industry standards and state and federal regulations and increasing our offering of independently-certified products that have validated environmental claims.

We have a wood sourcing policy with principles that we expect our vendors to follow, including no illegal logging; no deforestation; no sourcing of endangered species; the protection and preservation of biodiversity; and undergoing and securing Free, Prior and Informed Consent, as defined by the United Nations, wherever applicable. We have enhanced our wood sourcing policy to include a more robust risk-based approach, including new wood sourcing risk levels by country, improved monitoring practices and a new forestry grievance process.

Operational Excellence

We are focused on strengthening our business resilience and improving operational efficiency to reduce our impact on the environment. Our Board’s Sustainability Committee monitors and oversees progress toward our climate-related goals and targets, our Sustainability Steering Committee leads management’s efforts to integrate corporate responsibility into our business, and our retail facilities and sustainability teams manage and track our operational energy use.

In December 2022, we established a goal to reach net-zero emissions across the Company’s scope 1, 2 and 3 greenhouse gas emissions (“GHG”) by 2050. Last year, after reviewing our recent progress, we increased our original 2030 interim emissions reduction targets from our 2021 emissions baseline for scope 1 and 2 from 40% to 42% and scope 3 from 22.5% to 25%. We report on our progress annually in our Corporate Responsibility Report, to CDP and via lowes.com/net-zero.

To reach these targets, we will focus on increasing operational efficiency and working to reduce emissions across our full value chain. We are making further investments in energy efficiency and renewable energy within our operations, while exploring emerging technologies to reduce emissions associated with our vehicle fleet and facilities. We are also focused on partnering with suppliers to decrease scope 3 emissions. We encourage suppliers to report their emissions to CDP, giving suppliers more insight into how they generate emissions, which is the first step toward helping them reduce upstream emissions. This collaboration can help suppliers increase their operational efficiency and reduce their emissions through the use of renewable energy and low-carbon innovations. When our suppliers mitigate their impacts on the climate, Lowe’s own scope 3 emissions can be reduced.

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		vii

Lowe’s participates in the CDP’s climate change, forests and water security questionnaires to benchmark and quantify our environmental practices and provide transparency on our progress. Additionally, our annual Corporate Responsibility Report references the Sustainable Accounting Standards Board, the Global Reporting Initiative, and the U.N. Sustainable Development Goals, and we publish our Task Force on Climate-related Financial Disclosures (“TCFD”) Report to assess our climate-related risks and opportunities and better understand the potential impacts on our value chain.

More information about Lowe’s corporate responsibility efforts is available on our website at responsibility.lowes.com. Our corporate responsibility goals are aspirational and may change, and statements regarding our goals are not guarantees or promises that they will be met.

SHAREHOLDER ENGAGEMENT

Lowe’s recognizes the value of engaging with our shareholders and understanding their views. This past year, members of Lowe’s management and the Board’s Lead Independent Director continued our long-standing practice of shareholder engagement, reinforcing our history of strong, long-term relationships with our shareholders. In December 2024, we continued our biennial tradition of holding an Analyst and Investor Conference and invited institutional shareholders to attend presentations by the Lowe’s executive team on key growth initiatives and near- and long-term financial targets. We conduct shareholder outreach throughout the year so we can understand and consider the issues of importance to our shareholders and are able to address them appropriately.

Since the beginning of fiscal 2024, we have met with shareholders representing over 75% of our institutionally-held shares in a number of forums, including as part of our regular investor relations outreach efforts and governance and sustainability focused dialogues. We report the feedback from our shareholders on a regular cadence to the Board’s Nominating and Governance Committee and other relevant committees as appropriate, who also provide updates to the full Board. The Board and the management teams have used this shareholder feedback to inform numerous changes to enhance our compensation, governance, human capital and sustainability efforts over the past several years, including:

viii		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

The following diagram provides an overview of Lowe’s shareholder engagement cycle:

This past winter, we conducted a round of investor engagement focused primarily on governance, sustainability and human capital topics. As part of this engagement effort, we contacted 30 investors, representing approximately 45% of our outstanding shares at the time of outreach and met with 22 investors, representing approximately 37% of our outstanding shares, and one proxy advisory firm. Our Lead Independent Director met with shareholders representing approximately 29% of our outstanding shares. Overall, we received generally positive feedback on our current governance, compensation and sustainability practices.

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		ix

CORPORATE GOVERNANCE BEST PRACTICES

Sound and Effective Board Practices

Active Board oversight of Lowe’s strategy, business initiatives, industry positioning, workforce management, culture and environmental and social topics

Active Board oversight of risk management, including cybersecurity, data protection, privacy and artificial intelligence

Active Board engagement in succession planning of executive officers

Annual Board, committee, individual director and CEO evaluations

Robust shareholder engagement program, including participation of Lead Independent Director

Diverse, Engaged Board with Demonstrated Commitment to Refreshment and Independence

11 out of 12 director nominees (92%) are independent

Eight out of 12 director nominees (67%) are diverse with six (50%) people of color and four (33%) women

Annual review of Board leadership structure

Lead Independent Director with robust and well-defined responsibilities

Audit, Compensation, Nominating and Governance, Sustainability and Technology Committees are composed solely of independent directors

Executive sessions of independent directors led by the Lead Independent Director at each Board meeting

Director mandatory retirement age of 75 years old

Proactive Board and committee refreshment with focus on optimal mix of skills and experience

Commitment to Shareholder Rights

Shareholder ability to call special meetings

Market standard shareholder right of proxy access

Directors elected annually to serve one-year terms

Majority voting standard with director resignation policy in uncontested director elections

No shareholder rights plan

Robust year-round shareholder engagement process

x		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Proposal 1: Election of Directors

Proxy Statement

The Board of Directors of Lowe’s Companies, Inc. is providing these materials to you in connection with the 2025 Annual Meeting of Shareholders. The Annual Meeting will be held online via audio webcast at 10:00 a.m., Eastern Time, on Friday, May 30, 2025 at www.virtualshareholdermeeting.com/LOW2025. This Proxy Statement and related materials were first made available starting April 17, 2025.

Proposal 1: Election of Directors

We are asking our shareholders to vote on the election of the 12 candidates nominated by the Board of Directors for election as directors.

The Board has nominated the 12 candidates named in this proposal for election as directors at the Annual Meeting. If elected, each nominee will serve until his or her term expires at the 2026 Annual Meeting of Shareholders or until his or her successor is duly elected and qualified. Each nominee has agreed to be named in this Proxy Statement and to serve if elected.

All of the nominees are currently serving as directors and were elected to the Board at the 2024 Annual Meeting of Shareholders. In accordance with the Board’s mandatory retirement policy, David H. Batchelder will retire after seven years of service on the Board and is not a nominee for re-election at the 2025 Annual Meeting of Shareholders. Therefore, the Board has set the size of the Board at 12 effective as of the date of the 2025 Annual Meeting of Shareholders.

The Nominating and Governance Committee identifies, considers and recommends to the Board director nominees who have expertise that would complement and enhance the current Board’s skills and experience. It also reviews the existing time commitments of director nominees to confirm that they do not have any obligations that would conflict with the time commitments of serving as a director of the Company. The Nominating and Governance Committee also looks to recruit candidates with varying perspectives, professional experience and skills. The Nominating and Governance Committee considers candidates for nomination to the Board from a number of sources, including third-party search firms and business and organizational contacts of the directors and management, so that the Committee can select the nominees who best support Lowe’s present and future business needs.

The Board has remained mindful of refreshing its membership, with five new independent director nominees in the last six years. At the same time, the Company also believes that it benefits from having several longer tenured directors on the Board, including our Lead Independent Director, who are familiar with the Company’s business and can help facilitate the transfer of institutional knowledge. We believe the average tenure for our independent director nominees of 6.9 years reflects the appropriate balance the Board seeks between different perspectives brought by longer-serving and new directors.

Although the Company knows of no reason why any of the nominees would not be able to serve, if any nominee is unavailable for election, the proxy holders intend to vote your shares for any substitute nominee proposed by the Board. At the Annual Meeting, proxies cannot be voted for a greater number of individuals than the 12 nominees named in this Proxy Statement.

		The Board of Directors unanimously recommends a vote “FOR” the election of each of the 12 nominees named in this proposal.

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		1

Proposal 1: Election of Directors

IDENTIFYING AND EVALUATING DIRECTOR NOMINEES

IDENTIFYING AND EVALUATING DIRECTOR NOMINEES

2		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Proposal 1: Election of Directors

IDENTIFYING AND EVALUATING DIRECTOR NOMINEES

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		3

Proposal 1: Election of Directors

IDENTIFYING AND EVALUATING DIRECTOR NOMINEES

Board Diversity

The Board is committed to having diverse individuals (in the broadest sense of that term, including from different backgrounds and with varying perspectives, professional experience and skills) serving as members of the Board. The Board believes that a membership with a variety of perspectives and experiences is an important feature of a well-functioning board, and the composition of the Board reflects the Board’s commitment. The Nominating and Governance Committee actively considers diversity in the broadest sense when identifying director nominees and considering potential new director candidates, and during its annual assessment of the composition of the Board, so that the Committee can select the nominees who best support Lowe’s present and future business needs.

Board Qualifications and Criteria

Candidates nominated for election or re-election to the Board should possess the following qualifications:

When determining whether to recommend a director for re-election, the Nominating and Governance Committee also considers the evaluation results of the Board, committees and individual directors and the attendance and overall engagement of the director in Board activities.

4		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Proposal 1: Election of Directors

IDENTIFYING AND EVALUATING DIRECTOR NOMINEES

Director Nominees’ Skills, Backgrounds and Expertise

Each of our director nominees has substantial leadership experience as a senior executive or director of a public company, providing them with deep corporate governance expertise and insights, and the human capital management experience needed to oversee our workforce as we strive to become the employer of choice in retail. Key qualifications and attributes of our director nominees relevant to our strategic objectives reflect their perspectives, skills and professional experience, and include:

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		5

Proposal 1: Election of Directors

DIRECTOR NOMINEES

DIRECTOR NOMINEES

				RAUL ALVAREZ
				Independent Director Since: 2010 Age: 69 Lowe’s Board Committees: •  Compensation, Chair •  Technology

Career Highlights:

 

•

2017–present Operating Partner of Advent International Corporation, a global private equity firm

 

•

2013–2018 Executive Chairman of Skylark Co., Ltd., a leading restaurant operator in Japan

 

•

2006–2009 President and Chief Operating Officer of McDonald’s Corporation, a leading global foodservice retailer

 

•

1994–2006 Variety of leadership positions at McDonald’s Corporation, including President of McDonald’s North America and President of McDonald’s USA

 

•

Prior to 1994 Variety of leadership positions at Wendy’s International Inc. and Burger King Corporation

Current Public Company Directorships:

•

Eli Lilly and Company

•

First Watch Restaurant Group, Inc.

•

Traeger, Inc.

Previous Public Company Boards:

•

Dunkin’ Brands Group, Inc. (2012–2020)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Alvarez brings to the Lowe’s Board more than 40 years of experience in the retail industry, as well as extensive executive leadership experience in managing some of the world’s best known brands. As a senior executive of the leading global foodservice retailer and other global restaurant businesses, he developed in-depth knowledge of consumer marketing, brand management, supply chain management and strategic planning. Mr. Alvarez also has a strong background in capital investment and financial analysis through his role as an Operating Partner at a global private equity firm. He brings extensive corporate governance experience through his service as a director on other public and private company boards and is an experienced people leader with valuable perspectives on talent development topics. Mr. Alvarez also provides deep institutional knowledge of Lowe’s through his service as a director on the Board since 2010.

 

 

 

				SCOTT H. BAXTER
				Independent Director Since: 2022 Age: 60 Lowe’s Board Committees: •  Compensation •  Sustainability •  Technology

Career Highlights:

 

•

August 2021–present President, Chief Executive Officer and Chair of the Board of Kontoor Brands, Inc., a global lifestyle apparel company

 

•

August 2018–August 2021 President and Chief Executive Officer of Kontoor following announcement by VF Corporation, one of the world’s largest apparel, footwear and accessories companies, of its intention to separate its jeanswear organization into an independent, publicly traded company

 

•

January 2018–August 2018 Group President, Americas West at VF Corporation

 

•

2007–2017 Variety of leadership positions at VF Corporation, including Group President, Outdoor & Action Sports, Americas; Vice President, VF Corporation & Group President, Jeanswear, Imagewear and South America; and President of the Licensed Sports Group

 

•

Prior to 2007 Senior Vice President, Services division at The Home Depot, Inc. and leadership roles at Edward Don & Company, PepsiCo and Nestle

Current Public Company Directorships:

•

Kontoor Brands, Inc.

Previous Public Company Boards:

•

Topgolf Callaway Brands Corp. (2019–2023)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Baxter brings to the Lowe’s Board extensive executive leadership experience in the retail industry as well as expertise in marketing and brand management and developing digital growth strategies in support of an omnichannel customer experience. He has a strong background in a number of important areas, including operations, sales and strategic planning. Through his leadership positions, including as Chief Executive Officer, at leading global apparel companies, Mr. Baxter brings deep knowledge of large-scale supply chain functions, including sourcing, manufacturing and logistics, and background in overseeing sustainability strategies designed to advance customer loyalty, including responsible sourcing efforts. Mr. Baxter is skilled in human capital matters and brings to the Board valuable insights on talent management and development.

 

 

6		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Proposal 1: Election of Directors

DIRECTOR NOMINEES

				SANDRA B. COCHRAN
				Independent Director Since: 2016 Age: 66 Lowe’s Board Committees: •  Audit, Chair •  Sustainability

Career Highlights:

 

•

November 2023–February 2024 Executive Chair of Cracker Barrel Old Country Store, Inc., a restaurant and retail concept with locations throughout the United States

 

•

2011–October 2023 President and Chief Executive Officer of Cracker Barrel

 

•

2010–2011 President and Chief Operating Officer of Cracker Barrel

 

•

2009–2010 Executive Vice President and Chief Financial Officer of Cracker Barrel

 

•

2004–2009 Chief Executive Officer of Books-A-Million, Inc., a book retailer in the southeast United States

 

•

1992–2004 Variety of leadership positions at Books-A-Million, including President, Chief Financial Officer and Vice President of Finance

Current Public Company Directorships:

•

Signet Jewelers Limited

Previous Public Company Boards:

•

Cracker Barrel Old Country Store, Inc. (2011–2024)

•

Dollar General Corporation (2012–2020)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Ms. Cochran brings to Lowe’s Board more than 30 years of retail experience as well as expertise in a number of important areas, including marketing, brand management and strategic planning. Ms. Cochran has significant executive-level financial analysis and accounting experience, which she developed while serving in multiple leadership finance positions, including as Chief Financial Officer of both Cracker Barrel Old Country Store, Inc. and Books-A-Million, Inc. In her tenure as Chief Executive Officer, Ms. Cochran oversaw Cracker Barrel’s expansion of online ordering, delivery services and retail e-commerce platform, and through that experience provides valuable knowledge and perspectives on omnichannel and digital platform growth. She also brings experience in overseeing strategies designed to drive long-term value creation, including integrating sustainable practices into supply chain management.

 

 

 

				LAURIE Z. DOUGLAS
				Independent Director Since: 2015 Age: 61 Lowe’s Board Committees: •  Audit •  Technology, Chair

Career Highlights:

 

•

2019–Present Senior Vice President, Chief Information Officer and Chief Digital Officer of Publix Super Markets, Inc., an operator of retail food and pharmacy in the southeast United States

 

•

2006–2018 Senior Vice President, Chief Information Officer and Chief Security Officer of Publix Super Markets

 

•

2004–2005 Senior Vice President and Chief Information Officer of FedEx Kinko’s Office and Print Services, Inc.

 

•

2003–2004 Senior Vice President and Chief Information Officer of Kinko’s, Inc.

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Ms. Douglas brings to Lowe’s Board many years of setting the enterprise technology, digital and security visions and driving the related implementations for two Fortune 500 companies. Ms. Douglas’ expertise spans broad IT disciplines, including application development and infrastructure, digital and mobile, omnichannel, cybersecurity, data protection, risk management and regulatory compliance. Ms. Douglas is a highly respected technology leader in the retail industry focused on driving shareholder value with technology solutions that foster premier customer service, operational excellence and profitable growth. Ms. Douglas has financial management responsibility for IT investments and is skilled in financial strategy planning and analysis. Ms. Douglas also has relevant experience with emerging technologies, which provides for effective oversight as technology changes at an unprecedented rate. Additionally, Ms. Douglas is skilled in the area of human capital management, having been responsible for the hiring, training and retention of technology and digital teams.

 

 

 

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		7

Proposal 1: Election of Directors

DIRECTOR NOMINEES

				RICHARD W. DREILING
				Lead Independent Director Independent Director Since: 2012 Age: 71 Lowe’s Board Committees: •  Nominating and Governance, Chair

Career Highlights:

 

•

January 2023–November 2024 Chairman and Chief Executive Officer of Dollar Tree, Inc., a leading operator of discount variety stores

 

•

March 2022–January 2023 Executive Chairman of Dollar Tree

 

•

2015–2016 Chairman of Dollar General Corporation, one of the nation’s largest discount retailers

 

•

2008–2015 Chief Executive Officer and Chairman of Dollar General

 

•

2007–2008 President, Chief Executive Officer and Chairman of Duane Reade Holdings, Inc. and Duane Reade Inc., an operator of a chain of retail drug stores in New York City

 

•

2005–2007 President and Chief Executive Officer of Duane Reade Holdings, Inc. and Duane Reade Inc.

 

•

Prior to 2005 Variety of senior leadership positions at Longs Drug Stores Corporation, Safeway, Inc. and Vons Co Inc.

Current Public Company Directorships:

•

Aramark Corporation

Previous Public Company Boards:

•

Dollar Tree, Inc. (2022–2024)

•

Kellogg Company (2016–2023)

•

PulteGroup, Inc. (2015–2022)

•

Aramark Corporation (2016–2022)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Dreiling brings to Lowe’s Board more than 50 years of retail industry experience at all operating levels, including as Chief Executive Officer, and a unique perspective as a result of his experience progressing through the ranks within various retail companies. Over the course of his career, Mr. Dreiling has developed deep insight into all key areas of a retail business as a result of his experience overseeing the operations, marketing, manufacturing and distribution functions of a number of retail companies. Mr. Dreiling also has strong business development expertise in expanding the footprint and offerings provided by several retailers into new regions. Mr. Dreiling provides deep institutional knowledge of Lowe’s through his service as a director on the Board since 2012.

 

 

				MARVIN R. ELLISON
				Chairman of the Board      Director Since: 2018 Age: 60

Career Highlights:

 

•

May 2021–Present Chairman, President and Chief Executive Officer of Lowe’s

 

•

2018–May 2021 President and Chief Executive Officer of Lowe’s

 

•

2016–2018 Chairman of the Board and Chief Executive Officer of J. C. Penney Company, Inc., a department store retailer

 

•

2015–2016 Chief Executive Officer of J. C. Penney Company

 

•

2014–2015 President of J. C. Penney Company

 

•

2002–2014 Variety of leadership positions at The Home Depot Inc., a home improvement retailer, including Executive Vice President–U.S. Stores; President–Northern Division; Senior Vice President–Logistics; Vice President–Logistics; and Vice President–Loss Prevention

 

•

1987–2002 Variety of operational roles with Target Corporation

Current Public Company Directorships:

•

FedEx Corporation

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Ellison has more than 35 years of leadership and operational experience in the retail industry, including expertise in managing a large network of stores and employees as well as global logistics networks. He brings extensive experience in the home improvement industry, having spent 12 years in senior-level operations roles with The Home Depot, where he oversaw U.S. sales, operations, installation services, tool rental and Pro strategic initiatives, and improved customer service and efficiency across the organization to serve both DIY and Pro customers. Mr. Ellison is also skilled in shaping compelling brand strategies to enhance customer engagement and driving digital transformation and e-commerce growth initiatives in support of an omnichannel customer experience.

 

 

 

8		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Proposal 1: Election of Directors

DIRECTOR NOMINEES

				NAVDEEP GUPTA
				Independent Director Since: 2024 Age: 52 Lowe’s Board Committees: •  Compensation •  Technology

Career Highlights:

 

•

2021–Present Executive Vice President, Chief Financial Officer of DICK’S Sporting Goods, Inc., a leading omnichannel sporting goods retailer

 

•

2017–2021 Senior Vice President, Chief Accounting Officer of DICK’S

 

•

2006–2017 Variety of senior leadership positions at Advance Auto Parts, Inc., a leading retailer of automotive replacement parts and accessories, including Senior Vice President, Finance; Chief Audit Executive; and Vice President, Finance and Treasurer

 

•

2003–2006 Management roles at Sprint Nextel Corporation

 

•

1993–2000 Lieutenant in the Indian Navy

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Gupta brings extensive retail finance and management experience to the Lowe’s Board. Over the course of his career, Mr. Gupta has developed deep insight into the complex financial and strategic issues facing large public retail companies, and he provides valuable perspectives in the areas of financial strategy planning and analysis, capital allocation, risk management and accounting. In his role as Chief Financial Officer at DICK’S, Mr. Gupta also oversees GameChanger, a live streaming, scoring and statistic mobile app for youth sports, and brings to the Lowe’s Board experience in digital platforms and technology.

 

 

 

				BRIAN C. ROGERS
				Independent Director Since: 2018 Age: 69 Lowe’s Board Committees: •  Audit •  Nominating and Governance •  Technology

Career Highlights:

 

•

2017–2019 Non-Executive Chairman of T. Rowe Price Group, Inc., a global investment management organization

 

•

2007–2017 Chairman of T. Rowe Price Group

 

•

2004–2017 Chief Investment Officer of T. Rowe Price Group

 

•

1982–2004 Variety of senior leadership positions at T. Rowe Price Group

 

•

Prior to 1982 Employed at Bankers Trust Company

Current Public Company Directorships:

•

RTX Corporation

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Through his extensive investment and management roles, including as Chief Investment Officer and Chairman of T. Rowe Price, Mr. Rogers brings to the Board extensive financial, investment and risk management expertise. In addition, his experience at T. Rowe Price, including as portfolio manager of one of the firm’s largest funds, The T. Rowe Price Equity Income Fund, from its inception until 2015, provides our Board valuable insights into the views of institutional investors and perspectives on Company performance and opportunities. Mr. Rogers also has deep experience in strategies designed to drive sustainable long-term value creation, including overseeing the integration of sustainability factors into investment decisions.

 

 

 

						NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025		9

Proposal 1: Election of Directors

DIRECTOR NOMINEES

				BERTRAM L. SCOTT
				Independent Director Since: 2015 Age: 74 Lowe’s Board Committees: •  Audit •  Nominating and Governance

Career Highlights:

 

•

2015–2019 Senior Vice President of Population Health and Value Based Care at Novant Health, a leading healthcare provider

 

•

2012–2014 President and Chief Executive Officer of Affinity Health Plan, a provider of New York State-sponsored health coverage

 

•

2010–2011 President, U.S. Commercial of CIGNA Corporation, a global health services organization

 

•

2000–2010 Executive Vice President and Chief Institutional Development and Sales Officer of TIAA-CREF

 

•

2000–2007 President and Chief Executive Officer of TIAA-CREF Life Insurance Company

Current Public Company Directorships:

•

Becton, Dickinson and Company

•

Dollar Tree, Inc.

•

Equitable Holdings, Inc.

Previous Public Company Boards:

•

AllianceBernstein Holding L.P (2020–2022)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Scott has served in a variety of senior leadership positions in organizations that are in highly regulated industries and brings valuable experience to Lowe’s Board in the areas of development and implementation of strategy and risk management. Mr. Scott also brings significant experience and responsibility in the areas of sales and marketing in his roles as Executive Vice President and Chief Institutional Development and Sales Officer of TIAA-CREF and President and Chief Executive Officer of TIAA-CREF Life Insurance Company. Through his extensive experience as a board member of several public companies in a variety of industries, including retail, Mr. Scott provides valuable perspectives on corporate governance and supports the Lowe’s Board with deep knowledge of the financial and strategic issues facing large retail companies. He also brings a strong background in financial analysis and accounting oversight, including through his service as the Lowe’s Audit Committee Chair from 2019 to 2024.

 

 

 

				LAWRENCE SIMKINS
				Independent Director Since: 2024 Age: 63 Lowe’s Board Committees: •  Nominating and Governance •  Sustainability

Career Highlights:

 

•

2001–2022 President and Chief Executive Officer of The Washington Companies, a group of privately owned companies and select public company investments in the sectors of rail and marine transportation, shipyards, mining, environmental construction, heavy equipment sales and aviation products

 

•

1988–2001 Variety of senior leadership roles at The Washington Companies, including Executive Vice President; President of Westran, Inc., a long haul trucking company; Controller of Washington Construction, an engineering and construction services company; Vice President of Envirocon, Inc., an environmental remediation company; and Internal Auditor of The Washington Companies

 

•

1985–1988 Bank Examiner at the Federal Reserve Bank of Minneapolis

Previous Public Company Boards:

•

Atlas Corp. (2019–2023)

•

Seaspan Corporation (2017–2020)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Mr. Simkins has more than 30 years of leadership and operational management experience. As Chief Executive Officer of The Washington Companies, Mr. Simkins led multiple operating companies in a variety of highly-regulated sectors and provides in-depth knowledge into the key areas of strategic business development, risk management, safety and supply chain management. In addition to extensive investment management, financial analysis and accounting expertise, Mr. Simkins brings valuable perspectives on corporate governance through his past service as a member of the board of each individual Washington company where he provided enterprise-wide leadership and strategic direction. His background also provides insights into overseeing sustainability strategies designed to drive long-term value creation and responsible business practices across industrial and natural resource sectors.

 

 

 

10		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Proposal 1: Election of Directors

DIRECTOR NOMINEES

				COLLEEN TAYLOR
				Independent Director Since: 2022 Age: 57 Lowe’s Board Committees: •  Audit •  Sustainability •  Technology

Career Highlights:

 

•

2020–Present President, U.S. Merchant Services at American Express Company, a diversified financial services company

 

•

2019–2020 Executive Vice President, Merchant Services at Wells Fargo & Company, a banking and financial services company

 

•

2017–2019 Executive Vice President, New Payments at Mastercard Incorporated, a technology company in the global payments industry

 

•

2009–2017 Variety of leadership positions at Capital One Financial Corporation, a diversified financial services holding company, including Executive Vice President, Head of Treasury Management, Merchant Services and Enterprise Payments

Previous Public Company Boards:

•

Bill.com Holdings, Inc. (2020–2022)

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Ms. Taylor brings to the Lowe’s Board many years of senior leadership experience in the highly-regulated financial services industry with expertise in merchant services, banking and payments as well as a strong background in a number of other important areas, including risk management, strategic planning, investment management, financial analysis and brand management. As an experienced payments executive, she has been the accountable executive for technology and e-commerce capabilities delivered to some of the world’s largest merchants and has gained a deep understanding of the key operational and financial issues facing large retailers. In her roles, Ms. Taylor has been responsible for technology risk management, the development of complex enterprise technology roadmaps and cybersecurity oversight. Additionally, Ms. Taylor is a highly experienced people leader and has led large global sales, product management and operations teams.

 

 

 

				MARY BETH WEST
				Independent Director Since: 2021 Age: 62 Lowe’s Board Committees: •  Compensation •  Sustainability, Chair

Career Highlights:

 

•

2017–2020 Senior Vice President, Chief Growth Officer of The Hershey Company, a global confectionary manufacturer and marketer

 

•

2015–2017 Executive Vice President, Chief Customer and Marketing Officer of J. C. Penney Company, Inc., a department store retailer

 

•

2012–2014 Executive Vice President, Chief Category and Marketing Officer of Mondelez International, Inc., one of the world’s largest snack companies

 

•

2007–2012 Chief Marketing Officer of Kraft Foods, Inc.

 

•

1986–2007 Variety of other general management and marketing roles at Kraft Foods, Inc.

Current Public Company Directorships:

•

Albertsons Companies, Inc.

•

Hasbro, Inc.

 

Specific Experience, Qualifications, Attributes and Skills Relevant to Lowe’s

Ms. West brings to the Lowe’s Board extensive executive leadership experience in marketing and building some of the world’s most iconic brands. Ms. West has a strong background in developing compelling retail and sales experiences as well as managing large teams and possesses expertise in a number of important areas, including strategic and operational planning and execution. Throughout her career, Ms. West has played a key oversight role in the integration of sustainability principles into brand and corporate growth strategies to advance customer loyalty. In addition, Ms. West brings deep experience in developing digital and omnichannel growth strategies for complex consumer-brand and retail organizations using insights, analytics, innovation and research and development. Through her prior roles, Ms. West offers the Lowe’s Board valuable perspectives in the areas of investment management, financial planning and capital allocation.

 

 

 

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Corporate Governance

CORPORATE GOVERNANCE GUIDELINES AND CODE OF BUSINESS CONDUCT AND ETHICS

12		NOTICE OF ANNUAL MEETING & PROXY STATEMENT 2025

Corporate Governance

COMPENSATION OF DIRECTORS

 

Gupta, Rogers, Scott and Simkins and Mses. Cochran, Douglas, Taylor and West qualifies as an independent director under the Categorical Standards, NYSE rules and SEC rules. The Board also determined that each member of the Audit, Compensation, Nominating and Governance, Sustainability and Technology Committees (see membership information below under “Board Meetings, Board Leadership Structure, Key Board Responsibilities and Committees—Board Committees”) is independent, including that each member of the Audit Committee is “independent” as that term is defined under Rule 10A-3(b)(1)(ii) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that each member of the Compensation Committee is a “non-employee director” as defined under Rule 16b-3(b)(3)(i) of the Exchange Act. Mr. Ellison is not independent due to his employment by the Company as President and Chief Executive Officer.

COMPENSATION OF DIRECTORS

Compensation Philosophy

The Compensation Committee reviews director compensation annually with the advice of its independent compensation consultant and recommends changes to the Board for approval. The Compensation Committee assesses director compensation to align with Board and committee requirements and for market competitiveness against the Company’s Peer Group as described in the “Compensation Market Data and Peer Group” section of this Proxy Statement and other large general industry companies. When reviewing director compensation for fiscal 2024, the Compensation Committee’s independent compensation consultant advised that director pay levels were aligned with the median of the Company’s Peer Group and pay practices align with market.

Lowe’s philosophy on compensating directors who are not employees (“non-employee directors”) is to use a mix of cash and equity that will align the interests of our directors with the long-term interests of Lowe’s shareholders and compensate our directors fairly and competitively for the obligations and responsibilities of serving as a director at a company of Lowe’s size and scope. To implement this philosophy, we target a split of one-third cash and two-thirds equity, with total target compensation at the median of the market. A director who is an employee of the Company receives no additional compensation for his or her services as a director. A non-employee director receives compensation for his or her services as described in the following paragraphs. All directors are reimbursed for reasonable expenses incurred in connection with attendance at Board and committee meetings,

conducting store visits and fulfilling other activities in their role as directors.

Annual Retainer Fees

For fiscal 2024, each non-employee director was paid an annual cash retainer of $100,000. Our directors do not receive any meeting fees and do not receive any additional compensation for committee service other than for serving as a committee chair. Non-employee directors who served as the Chair of the Compensation Committee, Nominating and Governance Committee, Sustainability Committee or Technology Committee received an additional $20,000, and the Chair of the Audit Committee received an additional $25,000. The Lead Independent Director received an additional $100,000. All annual retainer, committee chair and Lead Independent Director fees are paid quarterly.

Stock Awards

The Board believes that director stock ownership provides greater alignment of interests between directors and shareholders and promotes strong corporate governance practices. The compensation plan adopted by the Board for non-employee directors adheres to this principle by providing a substantial portion of such director’s compensation in deferred stock units, which are credited to a deferral account during the term of such director’s service and are payable to the director upon the director’s termination of service as a director (or to the director’s estate if the director should die while serving on the Board) in one share of common stock per deferred stock unit only upon the director’s termination of service as a director.

Non-employee directors receive grants of deferred stock units at the first Board meeting following the Annual Meeting of Shareholders each year (the “Award Date”). The annual grant of deferred stock units for each of the Company’s non-employee directors is determined by taking the annual grant amount and dividing it by the closing price of a share of common stock as reported on the NYSE on the Award Date, which amount is then rounded up to the next 100 units. Grants are pro-rated for directors elected to the Board other than at the Annual Meeting of Shareholders. The deferred stock units receive dividend equivalent credits, in the form of additional units, for any cash dividends subsequently paid with respect to common stock. Beginning in 2022, all units credited to a director vest on the earlier of the first anniversary of the Award Date and the day immediately preceding the next Annual Meeting of Shareholders, subject to acceleration in certain circumstances.

For fiscal 2024, each non-employee director received an annual equity award of $200,000.

 

 

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