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Lowe's names new board member

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November 15, 2013 12:44 PM EST | AP

MOORESVILLE, N.C. (AP) — Lowe's named former WellPoint CEO Angela Braly to its board of directors Friday.

The appointment expands the size of the board at the home improvement retailer to 12 members.

Braly, 52, served as president and CEO of WellPoint from 2007 until 2012, and was chair of the health benefits company's board from 2010 until 2012.

Lowe's generally pays board members who are not employees $80,000 a year, as well as giving them deferred stock and options, according to its most recent proxy statement. Leaders of certain committees receive additional payments. Under its rules, non-employee directors must own Lowe's shares worth five times the annual fee they are paid, this threshold must be met within five years of becoming a member of the board.

Shares of Lowe's Companies Inc. slipped 17 cents to $51.78 by midday amid a market uptick.