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Robert L. Tillman was the CEO of Lowe's Companies, Inc. from its significant transition period in the early 2000s. His journey began in 1962 at Lowe’s, where he steadily climbed the corporate ladder, eventually stepping into the CEO role in...

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Robert L. Tillman

Ex-CEO of Lowe's Companies

Education

Bachelor's degree in Business Administration from the University of South Carolina

Field of Expertise

Consumer Goods & Retail - Retail

Sector of Economy

Consumer Cyclical

Born

December 5, 1942 - 82 years ago

CEO of Lowe's Companies for

8 years 5 months (Aug 1996 - Jan 2005)

Previous Experience

Joined Lowe's in 1962, served in various roles including President and COO

Holdings

See how much did Robert L. Tillman make over time.

During Tillman's time at Lowe's, he strategically managed a variety of stock options and bonuses. His options peaked significantly in 2003, with an impressive 714,000 shares granted, though many were tied to performance results. By 2005, he held approximately 1.68...

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Compensation History

See how much did Robert L. Tillman make over time.

In 2003, Tillman's total earnings were about $1 million, largely from salary and a potent bonus of $3 million driven by pre-tax earnings growth. His compensation hit a high of $4.3 million in 2004. Bonuses were closely linked to Lowe's performance targets, showcasing a model designed to reward him based on the company's success. By 2005, as he transitioned out, his total compensation was around $1.68 million. Interesting to note, no stock was vested during his early years, highlighting a compensation strategy primarily focused on cash bonuses, with stock options granted regularly to align with company performance. This structure reflects the broader approach to executive compensation in retail, where bonuses are often performance-driven.

Year

2005

Total Compensation

$2.55M

Salary

$730.00K

Board Justification

The compensation philosophy is designed to align executive compensation with the company's performance and shareholder value, with a focus on attracting and retaining top talent.

Bonus

$1.69M

Board Justification

The bonus was based on the company's performance metrics, specifically on achieving predetermined objectives for growth in earnings before interest and taxes (EBIT).

Other

$135.89K

Board Justification

Other compensation included matching contributions under the Lowe’s 401(k) Plan and other benefits.

Restricted Stock

$0.00(0 N/A)

Board Justification

No stock was vested in 2005 as the focus was on cash compensation and bonuses.

Performance Metrics

The performance metrics included growth in earnings before interest and taxes (EBIT) as a key determinant for bonuses.

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