Marvin Ellison has done what no other Black executive has before—leading two different Fortune 500 companies as CEO. First at JCPenney, then at Lowe’s, he turned the home improvement giant into an $83.67 billion powerhouse. His journey started with a $5/hour job at Target. Now, he earns over $20 million a year.
His success isn’t just about numbers. Ellison is reshaping corporate leadership while pushing for skilled trades in an AI-dominated world. Here’s how he climbed the ladder—and what others can learn from his story.
From $5/Hour at Target to $20M at Lowe’s: Ellison’s Unlikely Rise
Marvin Ellison’s career began in the most humble way—stocking shelves at Target for less than $5 an hour. Decades later, he’s one of America’s highest-paid CEOs, earning $20.16 million in 2024.
His big break came after earning an MBA from Emory University. He spent 15 years at Target, climbing to director level. Later, he became an executive at Home Depot. By 2018, Lowe’s saw his potential and made him CEO. Under his leadership, revenue soared to $83.67 billion.
Making History as the First Black CEO of Two Fortune 500 Companies
Before Lowe’s, Ellison led JCPenney through a major turnaround. That made him the first—and still only—Black CEO to run two Fortune 500 firms.
At Lowe’s, he manages 300,000 employees and nearly $7 billion in profit. His leadership style focuses on customer service and adapting to market changes. “Stay close to the cash register,” he tells young professionals. “That’s where real opportunities grow.”
Why Ellison Believes Skilled Trades Beat Corporate Jobs in the AI Era
While tech companies replace workers with AI, Ellison sees value in hands-on skills. “AI won’t fix your roof or stop a leak,” he said at a CEO forum.
His advice to Gen Z? Learn a trade. Jobs like plumbing and electrical work can’t be automated. He believes staying close to customers ensures job security—something he learned from his retail roots.
How Lowe’s Board Knew Ellison Was the Right Leader
When Lowe’s hired Ellison in 2018, board director Marshall O. Larsen called it “a great win.” His deep retail experience made him the perfect fit.
Since then, Lowe’s has thrived. The company now dominates home improvement sales, even as competitors struggle. Ellison’s focus on both digital sales and in-store service keeps them ahead.
Ellison’s Legacy: Paving the Way for Future Black Executives
Ellison isn’t just a CEO—he’s a trailblazer. His success proves Black leaders can excel at the highest corporate levels.
Others, like TIAA’s Thasunda Brown Duckett and Southern Company’s Christopher Womack, follow his lead. But Ellison remains unique. No other Black executive has led two Fortune 500 giants—and few have grown a company as fast as he has.
His story isn’t over. With Lowe’s still expanding, Ellison’s impact on business—and history—is just getting started.
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