One of America’s richest Black CEOs, Craig Arnold gains $8.5 million from Eaton stake

Omokolade Ajayi -

Craig Arnold, celebrated as one of America’s leading Black CEOs, has seen his wealth surge as his stake in Eaton Corporation gained $8.5 million in value on the back of a recent stock price increase.

According to data tracked by Billionaires.Africa, Arnold, who chairs and leads Eaton, has witnessed an $8.53-million increase in the market value of his holdings in the global intelligent power management company over the past 13 days.

This latest gain follows another significant rise of $13.6 million recorded between Feb. 13 and March 13. During that period, the market value of Arnold’s stake in Eaton Corporation climbed from $140.84 million to $154.47 million.

Eaton Corporation’s stock skyrockets, market capitalization exceeds $125 billion

Eaton Corporation, a multinational power management company headquartered in the United States and Ireland, recorded $20.75 billion in sales in 2022.

Led by Arnold, the company remains committed to providing energy-efficient solutions across more than 175 countries, ensuring reliable, efficient, safe, and sustainable power management for its customers.

In a recent development, Eaton Corporation clinched a significant $1.3-billion contract with Bell Textron to supply vital hydraulic systems for the U.S. Army’s next-gen helicopter, the Future Long-Range Assault Aircraft (FLRAA).

The company’s stock performance on the New York Stock Exchange has been impressive since Mar. 15, with shares rising by 5.54 percent from $297.9 to $314.4. This surge has propelled the company’s market capitalization past $125 billion, resulting in substantial gains for shareholders, including CEO Arnold.

Arnold’s stake in Eaton soars above $160 million amid recent market rally

Arnold, recognized as one of America’s leading executives, holds a beneficial 0.13-percent stake in the power management company, equivalent to 517,061 shares. His investment portfolio includes a minority 0.0027-percent stake in Medtronic Plc, valued at more than $3 million.

Thanks to the recent surge in Eaton’s share price, the market value of Arnold’s stake in the company has risen by $8.53 million over the past 13 days, climbing from $154.03 million on Mar. 15 to $162.56 million at the time of drafting this report.

The recent upsurge in Eaton’s share price underscores Arnold’s strategic leadership, emphasizing the company’s dedication to innovation and sustainable power management solutions, which continue to attract investors.