Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies Inc., has recorded another substantial increase in the market value of his stake in the U.S. home improvement giant — thanks to the recent rise in Lowe’s share price.
According to data tracked by Billionaires.Africa, Ellison — recognized as one of the world’s highest-ranking Black CEOs on the Fortune 500 list — has seen the market value of his stake in Lowe’s Companies Inc. surge by nearly $3.42 million over the past 35 days.
Lowe’s Companies Inc. shares rally, market cap soars above $110 billion
Lowe’s Companies Inc., a Fortune 50 home improvement powerhouse boasting a vast network of more than 2,200 stores and approximately 300,000 associates across the United States and Canada, has thrived under Ellison’s leadership. The company achieved revenue of $97.1 billion in 2022, processing more than 17 million customer transactions per week.
Since Oct. 27, Lowe’s shares listed on the New York Stock Exchange have surged by 8.28 percent — rising from $183.62 per share to $198.83 per share at the time of writing — propelling its market capitalization above the $110-billion mark.
CEO Marvin Ellison’s stake surges above $44 million as Lowe’s shares soar
As a result of the recent surge in Lowe’s shares, the market value of Ellison’s minority 0.038-percent stake — which translates to a total of 224,800 shares — has increased from $41.28 million on Oct. 27 to $44.69 million, marking an increase of $3.42 million over the past 35 days.
The recent $3.4-million surge in Marvin Ellison’s stake in Lowe’s further cements his status as not only one of the world’s highest-ranking Black CEOs but also as one of the wealthiest Black CEOs in the United States.
