Marvin Ellison has made history as a Fortune 500 executive.
Career Trajectory
Back in the day, Ellison worked part-time at Target with paychecks reflecting compensation of $4.35 an hour as an employee, according to Fortune. Ellison, who holds a bachelor’s degree in business marketing from the University of Memphis and an MBA from Emory University’s Goizueta Business School, went on to serve as a director at Target for 15 years beginning in 1987, and later as executive vice president of stores at The Home Depot, according to his LinkedIn profile.
CEO Of Lowe’s, Which Crossed $83.67B In Revenue
Ellison transitioned to JCPenny as its CEO and now holds that title at Lowe’s where he has been since May 2018, a news release mentions. He has led the home improvement company to $83.67 billion in revenue and almost $7 billion in profits for 2025, per Fortune.
“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,” Marshall O. Larsen, Lowe’s lead director of the board, commented in the news release. “He also brings significant experience in the home improvement industry, with a proven track record of global operational excellence and driving results from both DIY and Pro customers. 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.”
Ellison said at the time:
“Working closely with Lowe’s board, management team and the more than 310,000 talented employees, I believe we will not just compete, but win in today’s complex retail environment. Together, we will leverage Lowe’s omni-channel capabilities to deliver the most simple and seamless customer experiences as we execute with purpose and put the customer first in everything we do.”
Making History
According to Fortune, Ellison made history when he was appointed CEO of Lowe’s, becoming the first Black executive to serve as CEO of two Fortune 500 companies. Now he ranks as the top Black CEO leading a Fortune 500 company in 2025, based on company revenue, and he is one of only nine Black CEOs doing so.
Listed in the second spot is Thasunda Brown Duckett, CEO of Teachers Insurance and Annuity Association (TIAA), as AFROTECH™ previously reported.
