Lawrence Simkins

About Lawrence Simkins

Independent director at Lowe’s since 2024; age 63. He serves on the Nominating & Governance and Sustainability committees. Simkins previously spent 2001–2022 as President & CEO of The Washington Companies, with earlier roles across Washington-affiliated operating units and as a Bank Examiner at the Federal Reserve Bank of Minneapolis. His core credentials center on strategic business development, risk management, safety, supply chain management, finance/accounting oversight, corporate governance and sustainability in industrial and natural resources sectors .

Past Roles

External Roles

Board Governance

• Independence: Board determined Simkins is independent under NYSE and company categorical standards; all members of Audit, Compensation, Nominating & Governance, Sustainability and Technology committees are independent .
• Committee assignments (LOW): Nominating & Governance; Sustainability (no chair roles disclosed) .
• Attendance: In fiscal 2024 the Board met 5 times; each incumbent director attended ≥90% of Board/committee meetings; all directors attended the prior Annual Meeting .
• Committee activity levels (FY2024 meetings): Audit (9), Compensation (6), Nominating & Governance (6), Sustainability (3), Technology (2) .
• Board leadership/independent oversight: Lead Independent Director in place; executive sessions of independent directors at each regular Board meeting .
• Director commitments policy: No more than four public boards; Board assesses time commitments and independence annually .

Fixed Compensation (Director)

Program structure and changes:

• Standard non-employee director cash retainer: $100,000; committee chair retainers: Audit Chair $25,000 (raised to $30,000 for fiscal 2025), Compensation Chair $20,000 (to $25,000 for fiscal 2025); Lead Independent Director retainer $100,000 .
• Annual equity for directors: $200,000 in DSUs for fiscal 2024; increased to $215,000 for fiscal 2025 .
• DSUs vest on the earlier of the first anniversary of the award or the day immediately preceding the next Annual Meeting; DSUs receive dividend equivalents; payable in stock upon termination of board service .
• Directors may defer cash retainers; investment alternatives provided; paid in cash post-service .

Performance Compensation (Director)

Note: Lowe’s does not tie non-employee director equity to performance metrics (PSUs/TSR are executive features); DSUs are time-based to align directors with shareholders .

Other Directorships & Interlocks

Expertise & Qualifications

• Strategic and operational leadership across industrials/logistics; deep risk management, safety, and supply chain oversight experience .
• Finance and accounting expertise; investment management and corporate governance experience spanning multiple boards within The Washington Companies .
• Sustainability oversight exposure in industrial/natural resource contexts, relevant to Lowe’s Sustainability Committee .

Equity Ownership

Ownership alignment and policies:

• Director stock ownership guideline: 5x annual cash retainer within five years; DSUs count toward compliance; all current directors have met or are on track .
• Anti-hedging and anti-pledging: Hedging and pledging of company stock prohibited for directors (and executives/associates) .

Governance Assessment

• Strengths

  • Independent director with relevant operating experience in risk, safety, and supply chain—aligned to Lowe’s risk oversight and Sustainability Committee mandate .
  • Committee assignments (Nominating & Governance, Sustainability) match background; supports board refreshment and ESG oversight .
  • Attendance and engagement norms met (≥90% attendance; all directors attended Annual Meeting) .
  • Director pay structure primarily equity via DSUs, with clear ownership guideline; anti-hedging/pledging policy enhances alignment .
  • No Simkins-specific related-party dealings disclosed; Board formally evaluates and approves any related-person transactions; none listed for him .

• Watch items

  • Newer tenure (since 2024) means limited on-cycle history at Lowe’s; however, board’s annual evaluations and committee oversight processes are robust .
  • As director equity rises to $215,000 in FY2025 (market alignment), monitor ownership guideline progress and any changes in mix of cash vs equity over time .

Director Compensation (Context) and Shareholder Signals

• Director compensation positioned around peer median, reviewed with an independent consultant; equity-heavy mix to reinforce alignment .
• Say-on-pay (executive) support strong at ~92% in 2024, signaling broader investor comfort with Lowe’s compensation governance framework .

Appendix: Quick Facts

• Independent Director Since: 2024
• Age: 63
• Committees: Nominating & Governance; Sustainability
• FY2024 Director Compensation (Simkins): $296,290 (cash $75,000; equity $221,290)
• DSUs Held (as of Jan 31, 2025): 1,009
• Beneficial Ownership: 1,013 shares (<1%)
• Attendance: ≥90% across Board/committee meetings; all directors attended the prior Annual Meeting
• Related-Party Transactions: None disclosed for Simkins; company policy/oversight governed by Nominating & Governance Committee