Home improvement company Lowe’s Cos. reported Wednesday it will pay its new Chief Operating Officer Richard Maltsbarger a base salary of $725,000 per year in a filing with the Securities and Exchange Commission.

The company appointed Maltsbarger to the position on Nov. 21, effective Feb. 3. Maltsbarger is Lowe’s chief development officer. He will succeed COO Rick Darmon, who is retiring after 36 years with the company.

Maltsberger is also eligible for a bonus equal to 100 percent of his salary based on the company’s performance.

Maltsbarger was named chief development officer in 2014 and president, international in 2015. In his current role, Maltsbarger is responsible for corporate strategy, business development and international operations.

Maltsbarger joined Lowe’s in 2004 as director of customer analytics and held various senior leadership roles including business development executive, senior vice president of strategy, vice president of strategic planning and vice president of research.

Lowe’s was founded 1946 in North Carolina. It has 2,370 store locations in the United States, Mexico and Canada and 290,000 employees.

Its shares closed at $104.73 per share Wednesday — down 0.88 percent from its opening of $105.67 per share.