(Reuters) - No. 2 U.S. home improvement chain Lowe's Cos Inc (LOW.N) raised its quarterly dividend by 27 percent to 14 cents a share on Friday, when the company's top executives met investors at its annual meeting.
The retailer also said its president and chief operating officer, Larry Stone, will retire from that role on June 2 after 42 years with the company.
Lowe's, which has declared a cash dividend each quarter since going public in 1961, said the current dividend will be paid on August 3 to shareholders of record as of July 20.
The retailer also announced plans to open about 25 stores this year and step up its efforts to win shoppers online.
During the meeting, shareholders re-elected board members including Chief Executive Officer Robert Niblock to one-year terms. They also ratified Deloitte & Touche as the company's independent public accountant and approved Lowe's 2011 annual incentive plan.
(Reporting by Dhanya Skariachan, editing by Gerald E. McCormick)
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