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by Margret Felix (2018-07-05)


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The Mooresville, North Carolina, company earned $988 million, or $1.19 per share, for the three months ended May 4. A year earlier the home improvement retailer earned $602 million, or 70 cents per share.

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Niblock, who previously announced plans to retire, will be succeeded in the CEO post by J.C. Penney Co. CEO Marvin Ellison. Ellison, who is also a former Home Depot Inc. executive, will take over as Lowe's CEO in early July.

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Ramaphosa placed the North West under central government control earlier this month and deployed army medics to hospitals to treat patients after cutting short a visit to a Commonwealth summit in Britain to travel to the province.

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The pressure on Supra Mahumapelo is evidence of Ramaphosa's drive to root out graft since he replaced former president Jacob Zuma in February. Ramaphosa met Mahumapelo, who is an ally of Zuma, to try to persuade him to step down.

JOHANNESBURG, May 23 (Reuters) - The leader of South Africa's North West province resigned on Wednesday in the face of pressure from President Cyril Ramaphosa and weeks of violent protests against his rule over the platinum-rich region.

Mahumapelo initially refused to step down, saying he was being unfairly targeted for supporting Zuma's ex-wife in the closely fought race for leader of the African National Congress (ANC) won by Ramaphosa in December.

He has led North West since 2014 and defended his record on the region's economy, which he said was growing at over 2 percent. He accused "counter-revolutionaries" of stirring up public anger against his rule.

Protesters took to the streets of the province's capital Mahikeng in April demanding Mahumapelo's resignation and accusing him of mishandling state tenders and overseeing the collapse of the local health system.

ANC Secretary General Ace Magashule, one of the party's top six most powerful officials who is also seen as being close to Zuma, told the same news conference that the ruling party supported Mahumapelo's resignation.

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FILE- In this April 18, 2017, file photo, Marvin Ellison, CEO of J.C. Penney Co., visits the boyhood home of the company's founder James Cash Penney in Hamilton, Mo. J.C. Penney's CEO is leaving the company to become the top executive at Lowe's. The announced departure of Ellison on Tuesday, May 22, 2018, sent shares of the besieged department store tumbling more than 12 percent to what may become an all-time low. (Jessica A. Stewart/The St. Joseph News-Press via AP, File)

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