Marvin Ellison, one of the world’s wealthiest Black CEOs, recently saw his company, Lowe Companies Inc, stock market value increase by $3.4 million in under one month.
Ellison is the chairman, president, and CEO of the home-improvement giant, Fortune 500, Lowe’s Companies, Inc
In 2022, Ellison made the rare distinction of being the only Black executive with CEO positions at two Fortune 500 companies.
Before his role with Lowe’s, he held the CEO position with JC Penny and worked at companies like The Home Depot and Target.
Ellison’s $3.4M Increase
The financial gain directly results from the 7.07% surge in Lowe’s shares, making the company’s market capitalization beyond the $130 billion threshold.
Under Ellison’s leadership, Lowe’s achieved $97.1 billion in revenue in 2022, accommodating over 17 million customer transactions weekly across its network of over 2,200 stores.
They also have around 300,000 associates in the US and Canada.
Beyond corporate success, Ellison is a champion of entrepreneurship and inclusivity.
He has a number of initiatives at Lowe’s, including a $25 million grant program for small businesses owned by people of color affected by the COVID-19 pandemic.
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