At its annual meeting today, Lowe's Companies, Inc. (LOW) Chairman, President and CEO, Robert. Niblock, announced that the board of directors has declared a 12.5 percent increase in its quarterly cash dividend to $0.18 per share, payable August 7, 2013, to shareholders of record as of July 24, 2013. Lowe's has declared a cash dividend each quarter since going public in 1961.
"I think of 2012 as the year we balanced running the business while we changed the business," Niblock said. "With the investments we're making, the initiatives we're completing and the improvements we're seeing in the housing market, we expect the momentum we gained in 2012 to accelerate in 2013."
During the meeting, shareholders re-elected board members Raul Alvarez, David Bernauer, Leonard Berry, Peter Browning, Richard Dreiling, Dawn Hudson, Robert Johnson, Marshall Larsen, Richard Lochridge, Robert Niblock and Eric Wiseman to one-year terms.
Shareholders ratified Deloitte & Touche as the company's independent public accountant and approved the company's executive compensation plan.
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