Marvin Ellison, Lowe’s president and CEO, has added an additional role to his job duties and will now also serve as the chairman of the board. Ellison, who joined the company in July 2018 as president, chief executive officer and director, succeeds Richard W. Dreiling as Lowe’s chairman.
“I am honored to have the confidence of the board and to take on this additional responsibility at such an exciting time for Lowe’s,” Ellison says. “We have made great strides in transforming the business, and our improved operating capabilities and enhanced technology infrastructure enable us to capitalize on a constantly evolving business environment.
Last year, Ellison shifted the company’s focus to capture professional market share by expanding the company’s online business, modernizing installation services and enhancing product assortment.
In May, Lowe’s announced 2021 first-quarter net sales of $24.4 billion, up 23.9 percent from the same period in 2020, and net earnings reached $2.3 billion, up 76 percent from the same period one year ago.