Top Black CEO Marvin Ellison gains $3.4 million from Lowe’s shares

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.