September 28, 2022
Lowe’s chief advertising officer Marisa Thalberg leaves firm in shakeup

Marisa Thalberg, government vp and chief model and advertising officer.

Supply: Marisa Thalberg

Lowe’s chief advertising officer Marisa Thalberg has left the retailer as a part of a broader reorganization, the corporate stated Tuesday.

The house enchancment retailer reduce her function and moved its advertising group underneath Invoice Boltz, government vp of merchandising. Thalberg beforehand reported on to CEO Marvin Ellison.

associated investing information

Lowe’s chief advertising officer Marisa Thalberg leaves firm in shakeup

CNBC Investing Club
We just like the imaginative and prescient Howard Schultz and Starbucks incoming CEO Laxman Narasimhan laid out for the espresso big

Thalberg’s departure is a part of a rising wave of management adjustments within the retail trade. Hole, GameStop and Mattress Tub & Past are among the many different retailers who’ve misplaced C-suite executives. Such shakeups have gained steam as stimulus check-fueled spending wanes and a few shoppers pull again on discretionary purchases due to inflation. For some corporations, significantly main pandemic beneficiaries equivalent to Peloton, it has meant a sudden and dramatic drop in gross sales.

Lowe’s, too, has seen a slowdown. Its same-store gross sales have declined previously two quarters. The corporate stated it now expects whole and comparable gross sales for the 12 months towards the underside of its outlook vary. It had forecast gross sales of $97 billion to $99 billion and comparable gross sales to be down 1% to up 1%.

Thalberg stepped into the function in February 2020, a month earlier than the pandemic started and fueled a surge of residence enchancment spending. She oversaw a number of high-profile campaigns, together with TV commercials on ESPN through the NFL Draft, and an expanded effort to capitalize on the vacation season.

Previous to becoming a member of Lowe’s, she was Taco Bell’s international chief model officer and labored for Estee Lauder, Unilever Cosmetics Worldwide and Revlon.

Lowe’s tapped the promoting government to woo clients because the retailer overhauled its broader enterprise and went extra head-to-head with bigger rival House Depot. Led by Ellison, who joined Lowe’s in 2018, the house enchancment retailer has relaunched its web site, debuted a brand new loyalty program to chase residence professionals’ {dollars} and expanded its merchandise combine to incorporate train tools, pet provides and extra residence decor.

It wished to refresh its picture, too, and tapped Thalberg to supervise that. On the time of her rent, Ellison stated Lowe’s employed her to place a extra trendy spin on Lowe’s advertising method, equivalent to personalizing messages on social media for patrons as an alternative of counting on conventional channels equivalent to TV and radio.

Thalberg couldn’t be instantly reached for remark.

Lowe’s stated Thalberg’s departure is one in every of a number of companywide adjustments that took impact Friday. It stated all adjustments are meant “to enhance alignment throughout the enterprise and place Lowe’s for achievement.”

Its enterprise that caters to residence professionals, equivalent to electricians and contractors, will now be underneath retailer operations. Tony Hurst, a senior vp who oversees Lowe’s professional enterprise, will now report back to Joe McFarland, Lowe’s government vp of shops. He beforehand reported on to Ellison.

Its on-line group, which beforehand was underneath Boltz’s management, will now be underneath the expertise group as an alternative of the merchandising group. Mike Shady, senior vp of on-line, will report on to Lowe’s chief digital and knowledge officer Seemantini Godbole.

Lowe’s CMO function has not been crammed. As a substitute, Lowe’s has promoted Jen Wilson as senior vp of enterprise model and advertising, and she’s going to report back to Boltz.

Shares of Lowe’s are down about 25% to date this 12 months, closing Tuesday at $192.96.