Lowe’s Companies Inc. continues to draw attention, particularly regarding the salary of its CEO. This curiosity often stems from comparisons between the CEO’s pay and the median income of Lowe’s employees. As a company that provides a wide array of home improvement products and services, Lowe’s has solidified its standing as a major player in the retail sector.
The company’s commitment to customer service and product quality is central to its business model. Lowe’s offers additional services such as expert installation, delivery, and warranties to enhance the customer experience, setting it apart from competitors. This focus on service has helped Lowe’s grow into a leading home improvement retailer.
About Lowe’s
Lowe’s was founded in 1946 in North Carolina as a small hardware store and has grown into the second-largest home improvement retailer in the world. It began as a venture by H. Carl Buchan, who expanded the business from a local hardware store into a national chain. Over time, Lowe’s diversified its product range, catering to both professional builders and DIY enthusiasts.
Lowe’s went public in 1961, and by 1979, it began trading on the New York Stock Exchange (NYSE: LOW). As of today, Lowe’s has expanded its operations globally, with over 2,300 stores across the U.S., Canada, and Mexico.
Lowe’s CEO: Marvin Ellison
Lowe’s has been led by Marvin Ellison, who serves as the CEO, president, and chairperson. Ellison has over 35 years of experience in retail management and operations, having previously served as CEO of J.C. Penney and held senior positions at Home Depot and Target.
Ellison has received multiple awards and recognitions for his leadership, including being listed among Barron’s “Top CEOs” and Forbes’ “World’s Greatest Leaders.”
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Lowe’s CEO Salary Information
Lowe’s CEO Marvin Ellison received a $17.9 million salary and benefits package in 2021. Lowe’s CEO salary dropped approximately 23 percent from the package received in 2020. This is more than his predecessor, Robert Niblock, has ever made. It is also his second-highest total salary package received as CEO.
Lowe’s posted fiscal 2021 net income of $8.4 billion, higher than fiscal 2020’s net income of $5.8 billion. Sales climbed from $89.6 billion to over $96.3 billion in one year. The base pay for Ellison in 2021 was $1.4 million. It is the same as it has been for every full year since he took over as CEO of Lowe’s in the summer of 2018.
He received $8.2 million in stock awards, and $2.6 million in option awards. He also got a $5.5 million payment from the non-equity incentive scheme. In addition, he received $74,704 in “other remuneration.” Of this total, $70,282 was for the use of business aircraft for personal travel.
According to Lowe’s, which employs over 200,000 people, the median employee’s total income in 2021 was $22,697. Accordingly, the typical employee worked a part-time hourly job. Lowe’s CEO salary earned 787 times that employee’s salary.
Headquarters of Lowe’s
Lowe’s CEO Salary Package in 2025
In 2025, Marvin Ellison’s salary package is expected to reflect the company’s growth and his leadership role. Here’s a breakdown of Lowe’s CEO compensation:
| Compensation Element | 2021 Salary | 2025 Estimate |
|---|---|---|
| Base Salary | $1.4 million | $1.5 million |
| Stock Awards | $8.2 million | $8.5 million |
| Option Awards | $2.6 million | $2.8 million |
| Non-equity Incentive | $5.5 million | $6 million |
| Other Remuneration | $74,704 | $80,000 |
Lowe’s has continued to perform well under Ellison’s leadership. In 2021, the company reported net income of $8.4 billion, a significant increase from $5.8 billion the previous year. Sales grew from $89.6 billion to over $96.3 billion. Despite a decrease in his overall salary package by 23% in 2021 compared to 2020, Ellison’s pay remains one of the highest for any CEO in the home improvement sector.
Salary Comparison: Lowe’s CEO vs. Employees
According to Lowe’s 2021 report, the median employee salary was approximately $22,697. This means that Ellison’s salary in 2021 was 787 times the median employee salary.
Statistics & Trends in CEO Pay
- CEO Pay vs. Employee Pay: The pay gap between CEOs and employees has been a growing concern in many companies. For instance, Lowe’s CEO earned significantly more than employees, even though the company posted record profits.
- CEO Compensation Growth: As per recent trends, the compensation for top executives continues to rise, often outpacing growth in employee wages. In 2025, we expect the gap to slightly widen as Ellison’s stock options and incentives grow along with the company’s financial performance.
Headquarters of Lowe’s
Lowe’s operates its headquarters from Mooresville, North Carolina, with additional Store Support Centers in Boucherville, Quebec. The company’s operations span across the U.S., Canada, and Mexico, although it closed its stores in Mexico in the late 2010s.
Lowe’s Global Presence:
| Country | Number of Stores |
|---|---|
| United States | 1,700+ |
| Canada | 200+ |
| Mexico | Closed (14 stores) |
FAQs about Lowe’s CEO Salary
1. What is the salary of Lowe’s CEO in 2025?
Marvin Ellison’s salary package in 2025 is expected to be around $18 million, which includes base salary, stock awards, options, and performance bonuses.
2. How does Marvin Ellison’s salary compare to Lowe’s average employee pay?
In 2021, Ellison’s salary was 787 times higher than the median Lowe’s employee salary, which was approximately $22,697.
3. What is the base salary of Lowe’s CEO in 2021?
In 2021, the base salary of Lowe’s CEO, Marvin Ellison, was $1.4 million.
4. How has Lowe’s CEO salary changed over time?
Ellison’s salary dropped by 23% in 2021 compared to 2020. However, his total compensation remains substantial, driven by stock awards and performance incentives.
5. What is the total compensation for Lowe’s CEO in 2025?
In 2025, Marvin Ellison’s total compensation is projected to exceed $18 million, driven by a combination of salary, stock options, and performance-based incentives.
Conclusion
Lowe’s has continued to thrive under Marvin Ellison’s leadership, with the company posting strong financial results. As the second-largest home improvement retailer globally, Lowe’s CEO salary reflects both the company’s success and Ellison’s contributions. The pay disparity between the CEO and median employees raises questions about income inequality, but it also highlights Lowe’s continued growth and profitability in the competitive retail market.
Lowe’s ongoing commitment to customer service and product excellence is key to its business model. As it continues to grow, the future of Lowe’s CEO salary packages will likely remain a point of discussion, especially as the company works to maintain its position at the top of the retail industry.