Top Black CEO Marvin Ellison gains $3.3 million from Lowe’s shares

Boosting his wealth and solidifying his status among America’s top executives, Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies Inc., experienced a rise in the market value of his stake in the U.S. home improvement giant, courtesy of the recent surge 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. increase by $3.35 million over the past 21 days.

Lowe’s shares 7.07-percent surge, market cap surpasses $130 billion

Lowe’s Companies Inc., a major player in home improvement and a Fortune 50 company, operates a vast network of over 2,200 stores with around 300,000 associates in the United States and Canada. Under Ellison’s leadership, the company thrived, achieving a revenue of $97.1 billion in 2022 and handling over 17 million customer transactions weekly.

Since Jan. 24, Lowe’s shares on the New York Stock Exchange have surged by 7.07 percent, moving from $210.55 to $225.43 at the time of this update. This rise has pushed the market capitalization beyond the $130-billion mark.

CEO Marvin Ellison’s stake jumps above $50 million thanks to recent surge in Lowe’s shares

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 $47.33 million on Jan. 24 to $50.68 million, indicating an increase of  $3.35 million over the past 21 days.

The recent $3.35-million surge in Ellison’s stake in Lowe’s further solidifies his position as one of the wealthiest Black CEOs in the U.S. and among the world’s highest-ranking Black CEOs.