Lowe’s Companies, Inc. promoted Dan Clayton Griggs to vice president, chief accounting officer, according to a Securities and Exchange Commission filing.

Griggs was promoted by the company’s board of directors to the principal accounting officer on Wednesday. His appointment is effective Oct. 3. He formerly served as the company’s corporate controller since May 2019.

Prior to joining Lowe’s, Griggs served as vice president, corporate accounting from March 2019 to May 2019, and, from October 2015 to March 2019 as the technical accounting director at CommScope, Inc.

Upon Griggs’ appointment, David M. Denton will cease to serve as principal accounting officer but will continue to hold the position as the company’s executive vice president, chief financial officer and principal financial officer.

Lowe’s and Griggs entered into an offer letter pursuant to his promotion. During the term of his employment, he will receive an annual base salary of $310,000 with eligibility for an annual cash incentive bonus that includes a target payout of 50% of the annual base salary.

In addition to the annual base salary and incentive cash bonus, Griggs is eligible for an annual equity incentive grant with a target award value equal to $200,000.

The company stated that Griggs’ compensation and terms of employment are generally not complete.

Lowe’s Companies, Inc. is a home improvement company serving roughly 18 million customers weekly in the U.S. and Canada.

Shares of Lowes were trading at $167.32 on Friday, up 15 cents.