One of America’s richest Black CEOs, Craig Arnold, is $15.7 million richer

Craig Arnold, one of America’s most affluent Black CEOs and leading business executives, has seen a notable surge in his fortune in 2024, thanks to the sustained increase in the market value of his stake in Eaton Corporation Plc (Eaton).

According to data compiled by Billionaires.Africa, Arnold, who serves as chairman and CEO of Eaton, has witnessed a 12-percent surge in the market value of his stake in the Dublin-headquartered company, earning him $15.7 million since the start of the year.

Eaton’s market triumph: A 12.6-percent surge on NYSE elevates company value beyond $100 billion

Eaton Corporation, a multinational specializing in electrical, aerospace, and automotive components, operates in over 175 countries. The company focuses on delivering energy-efficient products and services to help customers manage power reliably, efficiently, safely, and sustainably.

Eaton’s shares on the New York Stock Exchange have risen by 12.6 percent since the year began, climbing from $240.82 on Jan. 1 to $271.12 presently. This surge has driven the company’s market capitalization above the $100-billion mark.

The recent boost in the group’s share price has resulted in substantial gains for shareholders, including Arnold. The sustained buying interest from investors, driven by Eaton’s impressive financial performance in Q4 2023, has fueled the rise in share price and market capitalization.

Eaton’s leader sees $15.7-million hike in personal stake amid record profits

Arnold, who assumed office on June 1, 2016, holds a 0.13-percent stake in the company, equivalent to 517,061 shares. With Eaton’s shares witnessing a double-digit hike, the market value of Arnold’s stake has risen by $15.67 million, reaching $140.18 million from $124.52 million on Jan. 1.

This impressive performance reflects Arnold’s effective leadership, highlighting the company’s dedication to innovation and sustainable power management solutions, which are gaining investor confidence.

In the fourth quarter of 2023, Eaton reported a 31-percent year-over-year increase in profit, driven by higher revenue in both its major units — Electrical Americas and eMobility. It posted a net income of $947 million, or $2.35 per diluted share, in Q4 2023, compared to $722 million, or $1.80 per diluted share, in the same period the previous year.