Marisa Thalberg, the chief marketing officer of Lowe’s, has departed the firm as part of a larger restructure, the company announced on Tuesday.
Her position was eliminated by the home improvement company, and the marketing group was relocated under Bill Boltz, senior vice president of merchandising. Before, Marvin Ellison, the CEO, was Thalberg’s direct supervisor.
The retail sector is experiencing an increasing number of leadership transitions, including Thalberg’s exit. In addition to other stores, Gap, GameStop, and Bed Bath & Beyond also lost C-suite executives. Such changes have gained momentum as consumer spending from stimulus checks slows and some customers cut back on discretionary expenditures due to inflation. For other businesses, especially significant pandemic victims like Peloton, it has meant a rapid and drastic decline in sales.
Lowe’s has also experienced a slump. The previous two quarters saw a drop in its same-store sales. According to the business, total and comparable sales for the year are now anticipated to be in the lower end of its outlook range. Sales were expected to be between $97 billion and $99 billion, with 1% to 1% growth or decrease in comparable sales.
A month before the epidemic started in February 2020, when Thalberg assumed the position, home improvement spending surged. She oversaw a number of well-known initiatives, such as TV ads on ESPN during the NFL Draft and an extended holiday marketing campaign.
She formerly served as Taco Bell’s global chief brand officer and had positions with Estee Lauder, Unilever Cosmetics International, and Revlon before joining Lowe’s.
The advertising expert was hired by Lowe’s to attract customers as the store restructured its overall operations and increased competition with larger rival Home Depot. The home improvement store has updated its website, established a new reward programme to compete for the business of house professionals, and extended its product mix to include gym equipment, pet supplies, and more home decor under the direction of Ellison, who joined Lowe’s in 2018.
It also sought to update its image and hired Thalberg to do it. When she was hired, Ellison claimed that Lowe’s wanted to update the company’s marketing strategy by personalising messages for customers on social media rather than depending solely on conventional media outlets like TV and radio
A comment from Thalberg could not be obtained right away.
According to Lowe’s, Thalberg’s resignation is just one of several corporate changes that went into effect on Friday. In order to “increase alignment throughout the organisation and position Lowe’s for success,” it was stated that all adjustments were made.
Its home-related professional business, which serves electricians and contractors, will now fall under store operations. Senior Vice President Tony Hurst, who is in charge of Lowe’s professional division, will now answer to Joe McFarland, Lowe’s executive vice president of stores. Before, he dealt directly with Ellison.
Its internet unit, which was formerly led by Boltz, will now report to the technology team rather than the merchandising team. Senior Vice President of Online Mike Shady will answer directly to Seemantini Godbole, Chief Digital and Information Officer at Lowe’s.
The CMO position at Lowe is still vacant. Jen Wilson, who will now report to Boltz, has been given a promotion to senior vice president of enterprise brand and marketing at Lowe’s.
The price of Lowe’s stock, which closed on Tuesday at $192.96, is down approximately 25% so far this year.