Is Lowes a black owned company that is a publicly traded on the New York Stock Exchange? whereas its current CEO is an African American man.
Lowe’s is not a black-owned business; it is a privately held corporation. Lowe’s is currently led by African American Marvin Ellison, but this does not imply that it is black-owned.
Lowe’s has a diverse set of owners and employees of various races and ethnicities.
It’s always a pleasant surprise to learn that a well-known company is run by African Americans. With black-owned businesses few and far between when it comes to big-name retailers, learning that Lowe’s is one of them is always intriguing.
Throughout this guide, we’ll look at who owns Lowe’s, a publicly traded company, and whether or not the company could be classified as black owned.
We’ll also talk about who Marvin Ellison is and go over some of Lowe’s background.
Is Lowe’s Black Owned?
Lowe’s may not be considered black-owned in the strictest sense because the majority of the company’s owners are not black.
But there’s a case to be made that Lowe’s is black owned, so the rumors you’ve heard might not be false.
This is all thanks to Marvin Ellison, who rose through the ranks as a Lowe’s executive to become the company’s CEO.
While the CEO is not the owner of the company, he is the one who directs it and, to some extent, decides its future, which is an impressive accomplishment given the rarity of black CEOs in major American corporations.
Lowe’s Ownership History
Lucius Smith Lowe founded Lowe’s in 1921. With the outbreak of World War II, Lowe’s son Jim Lowe assumed ownership and offered a portion of the company to his brother-in-law Carl Buchan in 1940.
Carl Buchan became the sole owner two years later, though he retained the Lowe’s name.
Mr. Buchan died in 1961, leaving the company in the hands of his five executives. This was the point at which Lowe’s went public.
Since then, the company has skyrocketed to become one of the most successful hardware store chains in the United States.
Who Is Marvin Ellison?
Marvin Ellison is a success story like no other. Mr. Ellison has progressed from a young boy in a small Southern town to a board member of one of America’s largest corporations.
Mr. Ellison has a new vision for Lowe’s, which includes increasing racial diversity and focusing on employees’ abilities rather than their skin color.
This has spread beyond the individual store level to the company’s executive levels.
Perhaps the most significant factor that would point to Lowe’s being black owned is the fact that he is the CEO of Lowe’s and has been since 2018.
When he took the position of CEO he was one of only four black men with the position in any Fortune 500 company.
Ellison holds the distinction of being the only Black CEO to helm two Fortune 500 companies: the first, department store company J.C. Penney; the second, home-improvement giant Lowe’s.
Lowes’ status as a black-owned company is based on individual interpretation; the company has changed hands and leadership since its inception by Lucius Smith Lowe in late 1921 and is now open to public ownership.