Top Black CEO Marvin Ellison gains $6.6 million from Lowe’s shares

One of America’s top Black CEOs, Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies Inc., has recorded gains surpassing $6.6 million from his stake in the company. This is attributed to the sustained surge in Lowe’s share price on the New York Stock Exchange.

According to data tracked by Billionaires.Africa, Ellison, also recognized as one of the highest-ranking Black CEOs on the Fortune 500 list, experienced a surge of $6.63 million in the market value of his Lowe’s stake over the past 41 days.

This recent boost follows a previous rise in Ellison’s wealth, with his stake in Lowe’s seeing a $3.3 million uptick between Jan. 24 and Feb. 14.

Lowe’s market cap tops $145 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 $86.4 billion in 2023, processing more than 17 million customer transactions per week.

Lowe’s shares listed on the New York Stock Exchange have recently soared 13.08 percent, climbing from $225.51 on Feb. 20 to $255.01 at the time of drafting this report, pushing its market capitalization above the $145-billion mark.

Lowe’s surge boosts Ellison’s wealth

With the recent increase in Lowe’s shares, the market value of Ellison’s minority 0.038 percent stake, equivalent to 224,800 shares, has risen from $50.69 million on Feb. 20 to $57.33 million, marking a $6.63-million increase over the past 41 days.

This $6.63-million surge in Ellison’s Lowe’s stake further cements his status as one of the wealthiest Black CEOs in the U.S. and among the world’s top-ranking Black CEOs.