Has Lowe's CEO Robert Niblock become too distracted by NASCAR?
The second half of November 2009 was a very busy time for the Lowe's Chief Executive. On November 16th, Robert Niblock announced that Lowe's earnings were down 30% in the 3rd Quarter of 2009. He offered some explanations on how Lowe's was being negatively impacted by "the macro environment". Lowe's stock took an immediate hit that day.
While investors, employees and customers were waiting on Niblock to discuss his plan to improve things at Lowe's, Niblock did something totally unexpected. Instead of focusing on the problems at Lowe's, he ditched his normal duties as CEO of Lowe's to go play NASCAR crew member with Jimmie Johnson.
On November 22, 2009, instead of preparing his company for the upcoming "biggest day of retail shopping", known as "Black Friday", Niblock decided to skip out of his CEO duties at Lowe's and attend the NASCAR race in Homestead, FL.
Niblock is not your typical quiet CEO of a sponsor. He actually participates in race activities. And this probably wouldn't be a bad thing except for the fact that Lowe's sales and profits have been down for nine consecutive quarters.
Starting November 30, 2009, four time (consecutive) NASCAR Champion Jimmie Johnson embarks on his media tour. And you can bet that Robert Niblock will once again be at Jimmie's side for a series of photo ops.
Hopefully once all the hoop-la, photo ops and interviews are over, Niblock will get back to his job as the CEO of Lowe's.
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#3 Dec 3, 2009
Saint Louis, MO
#5 Feb 17, 2011
bet they had that 35 million back from charlott motor speedway
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