Marvin Ellison, chief executive officer of home improvement retailer Lowe’s, has made history by being named the top Black CEO to lead a Fortune 500 company in 2025, AfroTech reports.
The history maker is the first Black executive to serve as CEO of two Fortune 500 companies, once at JCPenney and now at Lowe’s, headquartered in Mooresville, North Carolina. At 52, Ellison employs roughly 300,000 workers and has increased the company’s reported revenue to $83.67 billion, with close to $7 billion in profits.
The University of Memphis alum got his humble beginnings working at Target part-time, making just under $5.00 per hour. In 2024, he was cashing in, earning a total compensation of $20.16 million. After receiving his MBA from Emory University’s Goizueta Business School, Ellison began his leadership journey in 1987 as a Target director, a role he held for 15 years. He later became executive vice president of stores at The Home Depot.
Lowe’s first black CEO Marvin Ellison just gave employees a surprise bonus of up to $10,000 to show appreciation after the company experienced revenue and profit growth
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— CultureCentral (@CultureCentral1) March 3, 2025
It is his career beginnings that make him an advocate for Gen Z, keeping an eye on skilled trades and bringing in steady cash over corporate gigs. While speaking at the Business Roundtable’s CEO Workforce Forum in Washington, D.C., the CEO touched on the dangers of AI encroaching on corporate roles that the new working generation is eyeing.
“AI isn’t going to fix a hole in your roof, it’s not going to respond to an electrical issue in your home. It’s not going to stop your water heater from leaking,” Ellison said, shortly after Amazon’s CEO announced the company would most likely “reduce” its workforce, trading it in for AI, according to Business Insider. “When young people come to me and they desire to work in the corporate office, my advice to them is: Stay as close to the cash register as you can. Stay close to the customers, because you will always have employment opportunities to grow.”
Having a mindset made Lowe’s decision to hire him back in 2018 an easy one. Marshall O. Larsen, Lowe’s lead director of the board, called it “a great win for the entire Lowe’s team.” “Attracting Marvin is a great win for the entire Lowe’s team. Marvin is an experienced retail CEO with extensive expertise in a complex omni-channel consumer-facing company,” he said then in a press release.
Marvin joins Lowe’s at a critical inflection point as we work to enhance our competitive position and capitalize on solid project demand in an evolving consumer environment. We look forward to shepherding an exciting new chapter for Lowe’s under Marvin’s leadership.”
Thasunda Brown Duckett, CEO of Teachers Insurance and Annuity Association (TIAA), took second place with a revenue of $46 billion, and Christopher C. Womack, CEO of Southern Company, took third place with $26 billion.
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