Lowe’s CFO leaving to head up finance at Pfizer; names replacement
Lowe's Companies has tapped a company veteran as its next CFO.
The home improvement retailer has appointed Brandon Sink as executive VP, CFO, effective April 30, 2022. Sink, currently Lowe’s senior VP, retail finance, will succeed Dave Denton, who has been named CFO and executive VP of drug maker Pfizer.
Denton joined Lowe’s as CFO in 2018 after a 23-year career with CVS Health. He will join Pfizer on May 2, succeeding company veteran Frank D’Amelio. Lowe’s said that Denton, will work closely with Sink and the Lowe's leadership team to ensure a seamless transition.
Sink joined Lowe's in 2010 and has held a variety of roles across the company, including in finance, strategy and accounting. In his current role, he has been responsible for finance support for stores, merchandising, supply chain, digital and marketing. Prior to that, he held several leadership positions in the finance organization, including VP, merchandising finance; VP, enterprise strategy; and VP and corporate controller. Before joining Lowe's, he held accounting and finance positions with Deloitte and Nucor Corporation.
"Brandon is a highly accomplished executive, and we are excited for him to take on the role of CFO," said Marvin R. Ellison, Lowe's chairman, president and CEO. "During his nearly 12-year career at Lowe's, Brandon has worked closely with our executive leadership team and has demonstrated a deep understanding across all facets of our business. His appointment reflects our succession planning process and the talent across our company. He is a proven leader with strong financial and operational acumen, and I look forward to working together as we execute our strategy and continue to grow our market share, expand operating margins and deliver meaningful shareholder value."
Lowe’s also reaffirmed its full-year 2022 outlook provided on February 23, 2022. The company expects earnings per share to range from $13.10 to $13.60 on revenue of $97 billion to $99 billion in fiscal 2022 (a week longer than fiscal 2021), compared to its previous forecast earnings per share of $12.94 on revenue of $97 billion for the year. It said same-store sales will range from a decline of 1% to an increase of 1% for the full year.
"I am honored to be stepping into the role of CFO as we continue to focus on our growth and leadership in the home improvement space," said Sink. “I look forward to maintaining our disciplined approach to capital allocation, centered around our three priorities: investing in our core business on high-return projects, supporting our 35% dividend payout target and returning excess capital to our shareholders through value-enhancing share repurchases.
[Read More: Lowe’s introduces loyalty program for home improvement professionals]
With fiscal year 2021 sales of over $96 billion, Lowe's and its related businesses operate or service nearly 2,200 home improvement and hardware stores and employ more than 300,000 associates.