As Marvin Ellison approaches the end of his first year as CEO of Lowe’s Companies Inc., he has already achieved major changes at the company and continues to envision a new future.

“When I came to Lowe’s, I quickly saw that the existing strategy was too complicated,” said Ellison in an email response last week to NC Biz News Wire. “It was hard for our leaders to prioritize and align, and it was hard for our associates to understand the role they played in Lowe’s success.”

Ellison quickly implemented a strategic plan that involved increased engagement with customers and a greater emphasis on the work of store associates.

His strategy centered around returning to retail fundamentals such as value, experience and efficiency.

He also shifted the company’s investment strategy to focus on investments that would quickly grow the bottom line, whereas previous leadership focused on investments that might have paid out years later.

“My strategy and investments have focused on making operations efficient and making customer experiences seamless,” said Ellison. “By having a strategy that focuses on our brick-and mortar-locations, we can allocate our capital effectively for our core business needs.”

Ellison started on the job on July 2. He previously was the CEO of J.C. Penney Co. and was previously an executive vice president at Atlanta-based Home Depot. At Home Depot, Ellison oversaw U.S. sales, operations and professional strategic initiatives, dramatically improving customer service and efficiency across the organization.

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

Ellison has chosen to allocate Lowe’s capital toward the company’s products, customer service experience and technology that removes friction for its customers.

Ellison’s strategy appears to be paying off, as Lowe’s slightly closed the gap between it and The Home Depot Inc., the No. 1 home-improvement retailer, in the fourth quarter.

While the company’s reported fourth-quarter revenue fell behind Wall Street expectations, its earnings outperformed the ones reported by its rival.

Since Ellison became CEO, Lowe’s stock has risen 16.5 percent. The Dow Jones Industrial Average has risen 9.3 percent during the same time period.

As Lowe’s continues to go through a series of structural changes, Ellison looks forward to the implementation of his plans for the company’s future.

“I plan to make sure we live out our mission statement every day,” said Ellison.

The company’s mission statement reads: Together, deliver the right home improvement products, with the best service and value, across every channel and community we serve.

To ensure that the company lives up to its mission statement, Ellison is focusing on Lowe’s having great prices on the products its customers need, making sure it has courteous and knowledgeable associates in its stores, making its technology and supply chain world class so it keeps merchandise flowing and in-stock and giving back to the community in significant and meaningful ways.

“I’m also committed to gaining back our valuable pro customers without losing the qualities that make us a great place to shop for DIY customers,” Ellison added.

Ellison continues implementing these changes and company policies with an ultimate goal in mind.

“I want to see Lowe’s become the No. 1 home improvement retailer in the world,” Ellison said. “I know we’re going to get there because we have the right strategy and the right people in place to make it happen.”

Lowe’s stock was trading at $111.08 on Monday afternoon, down $1.28, or 1.1 percent.