Home » Top Black CEO Marvin Ellison earns $17.5-million salary from Lowe’s

Top Black CEO Marvin Ellison earns $17.5-million salary from Lowe’s

by Feyisayo Ajayi
Marvin Ellison

Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies Inc., received a compensation package of $17.47 million from Lowe’s in 2022 for his contributions to the financial success of the North Carolina-based building supply and home improvement firm.

While Ellison’s 2022 compensation package is substantial, it represents a 2.24-percent decrease from the previous year’s total reward of $17.87 million.

His compensation package in 2022 includes a base salary of $1.45 million, supplemented by a performance-based short-term incentive of $3.71 million, attributed to the company’s financial year performance and Ellison’s exemplary leadership at Lowe’s.

In recognition of his unwavering dedication, leadership prowess, business acumen, and extensive experience in the home improvement industry, Ellison also received a long-term incentive award amounting to $9.17 million from Lowe’s.

Lowe’s Companies Inc., a Fortune 50 home improvement powerhouse headquartered in Mooresville, North Carolina, United States, boasting a vast network of over 2,200 stores and approximately 300,000 associates across the United States and Canada, has thrived under Ellison’s leadership.

Marvin Ellison has been Lowe’s chairman and CEO since 2018

The company, which processes more than 17 million customer transactions weekly, achieved a remarkable revenue of $97.1 billion in 2022. However, it is worth noting that the company’s assets experienced a modest decline, decreasing by 4.49 percent from $46.74 billion in 2021 to $44.64 billion by the end of 2022.

Ellison took the helm as Lowe’s chairman and CEO in 2018, making history as the only African-American to lead two Fortune 500 companies. He left JCPenney to join the home improvement retailer in July 2018, where he continued to serve as chairman and CEO.

His career includes a 12-year tenure as the executive vice president of U.S. stores at The Home Depot and Target Corp., along with a successful stint as Chairman and CEO of J.C. Penney Co., where he delivered positive sales growth, debt reduction, and generated positive adjusted earnings per share.

In addition to his executive and governance roles, Ellison owns a minority 0.038-percent stake in Lowe’s, which translates to a total of 224,800 shares — a stake now valued at $44.43 million.

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