Lowe's Companies  recently named Richard Maltsbarger as its chief operating officer, effective as of Feb. 3, 2018, following a seven-year stretch as chief development officer and international president.

He succeeds retiring leader Rick Damron.

Maltsbarger earned both his bachelor's and master's degrees in agricultural economics from the University of Missouri, as well as an MBA from Washington University in St. Louis. Having joined Lowe’s in 2004, he held numerous executive positions including business development and strategic planning prior to becoming chief development officer in 2014 and international president in 2015.

As new COO, Maltsbarger will shape multi-channel programs to advance the Lowe’s brand, investing in customer loyalty. Operations, supply chain and additional services will fall under his domain as well. He will continue to report to president and CEO Robert Niblock, who commended his qualifications.

"Richard is a proven leader with a keen understanding of our business and industry,” Niblock said. “He brings vast consumer knowledge from various roles within Lowe's and has been instrumental in the development and implementation of our strategy … [He] will continue to enhance our capabilities and processes as we execute our plans and meet customers' rapidly evolving expectations."

Niblock also lauded retiring executive Damron for his valuable contributions and distinctive three-decade career with Lowe’s. A Fortune 50 company, Lowe’s is headquartered in Mooresville, North Carolina.