×

UPDATE 1-Home improvement chain Lowe's CEO to retire

(Adds details on Niblock, share movement)

March 26 (Reuters) - U.S. home improvement chain Lowe's Companies Inc said on Monday Chief Executive Officer Robert Niblock will retire and the board has started a search for his replacement.

Niblock, also the chairman and president of the board, took the helm in January 2005. Since then, the company's sales have risen 88 percent to $68.62 billion in its latest fiscal year.

Niblock, 54, also oversaw the acquisition of Canadian home improvement chain Rona Corp for C$3.2 billion in 2016. He has been with the company for 25 years.

The company's shares were up 5 percent at $88.05 in premarket trading. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur and Saumyadeb Chakrabarty)