Board of Directors Underscores Commitment to Effective Governance Practices

MOORESVILLE, N.C., Aug. 22 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today announced four initiatives designed to enhance the company's corporate governance practices.

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The board of directors voted today to establish the position of lead director, who will be elected annually by the independent directors on the board and will serve as the chair of the board's governance committee. The lead director will preside at all meetings of the board at which the chairman is not present, including executive sessions of the independent directors; serve as a liaison between the chairman and the independent directors; communicate with the chairman and the secretary of the company to develop an agenda for the board meeting; approve meeting schedules to assure that there is sufficient time for discussion of all agenda items; have the authority to call meetings of the independent directors; and be available for consultation and direct communication with major shareholders upon their request and at the direction of the chief executive officer.

'Today's action by the board of directors further illustrates Lowe's long tradition of strong corporate governance policies and practices,' explained Robert A. Niblock, chairman and CEO. 'We continually evaluate our policies and make changes from time to time to ensure they best serve the interests of our shareholders, which is what we have accomplished with these changes.'

O. Temple Sloan was elected to fill the position of lead director. Sloan is chairman and CEO of General Parts International, Inc., a Raleigh, N.C. - based distributor of automotive replacement parts. He has served as an independent director of Lowe's since 2004 and is chair of the governance committee and a member of the audit and executive committees. Sloan also serves as lead director of Bank of America Corporation, is chairman of the board of Highwoods Properties, Inc., and serves on the board of Golden Corral.

In other board action, Lowe's also announced:

-- An amendment to its bylaws which will allow shareholders holding greater than 50 percent of the company's outstanding voting shares to call a special meeting of shareholders. The provision is effective immediately.

-- An amendment to its corporate governance guidelines to limit to a maximum of six the number of public company boards on which a Lowe's director may serve including the Lowe's board.

-- An amendment to the company's Restated Articles of Incorporation that would remove all remaining supermajority vote requirements from the Articles. The amendment will be submitted to Lowe's shareholders for approval at the 2009 Annual Meeting.

With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 14 million customers a week at more than 1,575 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.

SOURCE Lowe's Companies, Inc.