Marvin Ellison is the chairman, president, and CEO of Lowe’s Companies Inc., a FORTUNE® 50 home improvement retailer with over 2,200 locations and roughly 300,000 employees in the United States and Canada.
Marvin Ellison Biography And Net Worth
Marvin Ellison Early Life
Ellison was born in Haywood County, Tennessee, in 1966, and grew up in Brownsville, a tiny town sixty miles northeast of Memphis. He was the middle child of seven siblings born to working-class parents. Neither his mother nor father completed high school, despite his father’s steady job as a door-to-door insurance salesman.
Ellison’s childhood was defined by poverty and the constraints of living in rural, poor Haywood County, Tennessee. Despite this, Ellison was admitted as a business student at the University of Memphis in 1984. He took numerous odd jobs to pay his tuition and sustain himself during his five and a half years at the University of Memphis. Graveyard hours at a convenience store, cleaning work at a women’s clothing shop, and summer driving a plumbing supply truck were among the occupations.
Marvin Ellison Career
He received his BA from the University of Memphis and his MBA from Emory University. He became president and CEO of Lowe’s in 2018. Ellison became CEO of J.C. Penney in 2015 after joining the firm in 2014. From 2002 through 2014, Marvin Ellison served as an executive at Home Depot. From 1997 until 2002, he worked at Target Corporation. He has also served as a director on the boards of FedEx and H&R Block.
He was one of five African American CEOs nominated to the Fortune 500 list of top executives in 2016. Ellison was among a group of executives that visited with President Trump in 2017 and expressed concern that a border adjustment tax would make it impossible for J.C. Penney to remain profitable.
Ellison started working in retail at Target after earning his degree from the University of Memphis. For fifteen years, he worked there, holding a variety of positions, from a store associate to corporate director of Asset Production. After fifteen years at Target, Ellison left the company to become senior vice president of global logistics at Home Depot.
He received the title of executive vice president of US shops in 2008. J.C. Penney recruited Ellison to serve as its CEO following his fourteen years at Home Depot. On August 1, 2015, at the age of 49, he assumed his current position as CEO of the apparel business. Ellison departed J.C. Penny in July 2018 to become the CEO of Lowe’s, the second-largest chain of hardware and home improvement shops in North America with 2,105 locations and more than 310,000 workers.
Marvin Ellison Net Worth
A $30 million businessman from the United States is named Marvin Ellison. He is well recognized for leading Lowe’s as president and CEO. Marvin receives a basic salary of $1.45 million each year. His overall remuneration, including bonuses, stock awards, and other benefits, generally exceeds $11–$15 million.