The new executive vice president of home improvement retailer Lowe’s Co. will be paid a base annual salary of $750,000, with a bonus opportunity equal to 100 percent of his salary, according to a filing with the Securities and Exchange Commission.

The new chief financial officer will have a base annual salary of $925,000, with a $1 million signing bonus, the filing says.

Joseph McFarland, the new executive vice president, was set to begin work Aug. 15. McFarland recently served as J.C. Penny’s executive vice president and chief customer officer, and before worked for Lowe’s competitor Home Depot for 22 years. He will report to Marvin Ellison, president and CEO of Lowe’s.

For the 2018 fiscal year, McFarland could receive a bonus of $375,000, and has a bonus opportunity of 100 percent of his salary annually. He will also receive a cash sign-on bonus of $500,000 after 90 days of employment

New CFO David Denton’s effective date of work is dependent upon his current employer, CVS Health. Denton will join Lowes shorty after the closing of the CVS acquisition of Aetna, according to a Lowe’s press release.

He will replace Marshall Croom who plans to retire from the company, effective Oct. 5, and will also report to Ellison.

Alongside his $1 million cash sign-on bonus, Denton has a bonus opportunity of up to 125 percent of his salary.

Denton and McFarland’s employment agreements will also provide:

• Relocation benefits for their moves to the Charlotte area;
• Four weeks of paid vacation each year; and
• Reimbursement of up to $12,000 for financial planning advice.

Lowe’s currently operates more than 2,300 stores in all 50 states and the District of Columbia and has more than 300,000 employees.

The company’s stock fell $1, or 0.7 percent, closing at $141 on Tuesday. Home Depot Inc., the company’s competitor, closed at $205.08, up $4.31, or 2.15 percent on Tuesday.