Marvin Ellison’s Stock Market Value Soars by $3.4M in Less Than a Month
Marvin Ellison, renowned as one of the world’s wealthiest Black CEOs, is basking in a significant financial triumph. The chairman, president, and CEO of Lowe’s Companies Inc., a home-improvement giant, has witnessed a remarkable surge in the market value of his stake in the company, soaring by an astounding $3.35 million in just 21 days, as reported by Billionaires Africa.
As noted by Fortune magazine, Ellison holds the distinction of being the sole Black executive to have led two Fortune 500 companies as CEO: Lowe’s and JCPenney. Before his tenure at JCPenney, Ellison spent over a decade as the executive vice president of stores for Home Depot, until 2014.
Since assuming the helm at Lowe’s in 2018, Ellison has navigated the company towards significant economic expansion and operational enhancement. Under his astute leadership, the company achieved a substantial revenue of $97.1 billion in 2022, according to Billionaires Africa.
During the period from Jan. 24 through Feb. 14, shares of Lowe’s on the New York Stock Exchange experienced a remarkable surge of over 7%, escalating from $210.55 per share to $225.43 per share at the time of reporting. This surge propelled the market capitalization of the company beyond $130 billion. Consequently, the market value of Ellison’s minority stake, comprising 224,800 shares, witnessed an impressive increase from $47.33 million to $50.68 million within the 21-day timeframe.
In addition to driving company growth and efficiency, Ellison has been a staunch advocate for entrepreneurship through various initiatives and programs aimed at providing opportunities for aspiring Black and brown business owners.
In 2020, Ellison announced that Lowe’s would allocate $25 million in grants to small businesses owned by people of color, particularly those impacted by the COVID-19 pandemic. Furthermore, Ellison is committed to addressing geographic disparities in access to home improvement resources and tools. Drawing from his upbringing in a rural environment, Ellison actively seeks ways to better serve potential customers in less-populated areas.
During a speech at the Goldman Sachs 30th Annual Global Retailing Conference in New York, NY, in September 2023, Ellison highlighted his efforts to understand the rural market by exploring stores in such areas when visiting his father. He then translates these insights into Lowe’s overarching objectives.
The rapid rise in Ellison’s stake underscores the wisdom in appointing him as the company’s leader, further solidifying his stature as one of the most influential CEOs in the nation.
