Marvin Ellison, one of the world’s wealthiest Black CEOs, is celebrating a multi-million-dollar financial triumph.
The chairman, president, and CEO of the home-improvement giant Lowe’s Companies Inc. witnessed the market value of his stake in the company soar by $3.35 million in just 21 days, as reported by Billionaires Africa.
As one of the world’s highest-ranking Black CEOs, according to Fortune magazine, Ellison is the sole Black executive to have helmed two Fortune 500 companies as CEO: Lowe’s and JCPenney.
Before his time at JCPenney, Ellison spent 12 years as executive vice president of stores for Home Depot until 2014.
Since assuming the position of president and CEO of Lowe’s in 2018, Ellison has steered the company toward significant economic expansion and operational improvement. Under his leadership, the company achieved a significant revenue of $97.1 billion in 2022, Billionaires Africa notes.
Per the outlet, from Jan. 24 through Feb. 14, company shares on the New York Stock Exchange have surged by over 7%, climbing from $210.55 per share to $225.43 per share at the time of reporting, propelling the market capitalization of the company beyond $130 billion. As a result of this uptick, the market value of Ellison’s minority stake, consisting of 224,800 shares, has increased from $47.33 million to $50.68 million in the 21-day time period.
In addition to spearheading company growth and efficiency, Ellison has championed entrepreneurship through various initiatives and programs that provide opportunities for aspiring Black and brown business owners.
As previously reported by AFROTECH, in 2020, the CEO announced that the company would allocate $25 million in grants to small businesses owned by people of color, specifically those affected by the COVID-19 pandemic.
Moreover, Ellison is dedicated to addressing geographic disparities in access to home improvement resources and tools. Growing up in a rural environment, Ellison often contemplates how the company can better serve potential customers in less-populated areas.
In a speech delivered at Goldman Sachs 30th Annual Global Retailing Conference in New York, NY, in September 2023, Ellison explained that when he visits his father in these areas, he dedicates time to exploring stores nearby to gain insights into the rural market, as reported by HBS Dealer.
Ellison then translates these insights into Lowe’s overarching objectives.
The rapid rise in Ellison’s stake underscores the decision to appoint him as the company’s leader, further reinforcing his impact as one of the most influential CEOs in the nation.
