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Marvin Ellison
President, Chief Executive Officer & Chairman, Lowe's Companies Inc

In Partnership With Marvin Ellison, Lowe's CEO | American Express

📅 Jun 23, 2026 American Express 47 MIN 89 SEGMENTS · 2 SPEAKERS
The conversation is part of American Express' “In Partnership With” series, where Chief Partner Officer, Glenda McNeal, discusses ...

What Marvin Ellison said

Written from the verified transcript and checked against it. Every figure links to the moment it was said.

Marvin Ellison, Lowe's CEO, discussed his journey from a childhood in rural poverty to leading a Fortune 50 company, emphasizing resilience, humility, and simplifying complexity. He detailed Lowe's transformation over five years, growing revenue by $23 billion, raising operating margin from under 9% to over 13%, and increasing return on invested capital from 9% to 36%. He identified e-commerce as the most disruptive force in retail, but argued brick-and-mortar remains vital, now blended into omnichannel. He highlighted key demand drivers for home improvement: homes aging (average over 40 years), 90% of customers with fixed mortgages at 4% or lower, and home price appreciation. Ellison noted a shift in consumer spending toward experiences like Taylor Swift tickets over discretionary home goods. He touted a partnership with Apple on a virtual kitchen design app for the Pro Vision headset, and expressed pride in Lowe's new modular cloud-based operating system.

Key takeaways

  1. Lowe's grew revenue by $23 billion and raised operating margin from under 9% to over 13% over five years.
  2. Return on invested capital increased from 9% to 36% under Ellison's leadership.
  3. 90% of Lowe's customers have a fixed mortgage rate of 4% or less or own their homes outright.
  4. The average US home is over 40 years old, the oldest on record, driving repair demand.
  5. Lowe's partnered with Apple on a virtual kitchen design app for the Pro Vision headset.

Numbers and commitments

FigureWhat it refers toTypeAt
$23 billion Revenue growth since Ellison took over metric 18:10
over 13% Current operating margin metric 18:10
less than 9% Operating margin when he started metric 18:10
36% Return on invested capital now metric 18:10
9% Return on invested capital when he started metric 18:10
90% Customers with fixed mortgage rate of 4% or less or own homes outright metric 30:45
over 40 years Average age of US homes metric 30:45
4% or less Fixed mortgage rate for most customers metric 30:45
$4.35 an hour Starting wage at Target metric 13:22

Chapters

  1. 0:00Personal background and early life
  2. 6:38Career journey and resilience
  3. 13:46Leadership style and engagement
  4. 18:10Transformation at Lowe's
  5. 22:58Advice for leaders and avoiding arrogance
  6. 26:35Impact of e-commerce on retail
  7. 30:45Managing through market cycles
  8. 34:28Future trends in home improvement
  9. 36:45Partnerships and technology innovation
  10. 40:15Motivation and giving back

Questions asked in this interview

12
  1. 1:19Do you have a preference, playing an instrument, singing, or dance?
  2. 1:54Do you guys ever get the band back together?
  3. 3:07Based on your talents, what's your superpower?
  4. 4:56I would say time and talent, so yes, I would agree with that. Best advice you've ever received?
  5. 6:33So, what's been your journey to get here and where did your inspiration come from?
  6. 13:28How have your background and experiences influenced your work ethic and leadership style?
  7. 20:44And what advice do you give to aspiring leaders?
  8. 23:24What do you think that is and what's that one thing that you would say folks should avoid?
  9. 29:59So, when we see these things slow down, right?
  10. 36:16Is there a recent collaboration that you've been involved in that Lowe's has taken on that you feel particularly pleased about and how that has contributed to your business?
  11. 38:38What do you value most about the American Express relationship?
  12. 41:47Why is that important to you?
Glenda McNeal 0:00 ↗
Everyday I strive to create a company I wish I could have worked for. Hello everyone. I'm Glenda McNeal, Chief Partner Officer at American Express. Welcome to In Partnership With, a series where I speak with the CEOs of American Express's strategic partners about their take on modern leadership. I'm thrilled to kick off season two with Marvin Ellison, CEO and chairman of Lowe's Companies, a Fortune 50 home improvement company with 300,000 associates in the United States. Prior to that, Marvin was chairman and CEO of J.C. Penney. He has decades of retail experience with a track record of transformation and incredible leadership, despite a background that would not be considered typical for someone who blazed a trail to CEO.
Welcome everyone. I'm Glenda McNeal, Chief Partner Officer at American Express. I'm thrilled to continue conversations with our partners about their approach to modern leadership as part of our In Partnership With series. I'm kicking off season two with Marvin Ellison, chairman and CEO of Lowe's Companies. Marvin, thank you for joining me.
Marvin Ellison 1:13 ↗
It's great to be here.
Glenda McNeal 1:13 ↗
Excellent. Okay, I'm going to start out with a couple of rapid-fire questions.
Marvin Ellison 1:18 ↗
Yes, ma'am.
Glenda McNeal 1:19 ↗
I know music has always been a passion for you. Do you have a preference, playing an instrument, singing, or dance?
Marvin Ellison 1:26 ↗
Play.
Glenda McNeal 1:27 ↗
And which instrument?
Marvin Ellison 1:28 ↗
I'm a bass player. Yeah, I grew up. I started playing bass when I was about 9 years old. We had a family gospel singing group.
Glenda McNeal 1:35 ↗
Okay.
Marvin Ellison 1:36 ↗
Yeah, so we were like the gospel version of the Jacksons.
Glenda McNeal 1:39 ↗
I love that.
Marvin Ellison 1:40 ↗
Not quite as good, but my father, mother, my two brothers and I and my sister. I'm the middle child of seven. And I'm the least musically talented of any of my siblings.
Glenda McNeal 1:54 ↗
Do you guys ever get the band back together?
Marvin Ellison 1:56 ↗
It's a great question. We had not been together in years and my dad, who is 81 years old, summoned all of us Labor Day weekend last year to come home. And we're thinking, 'Is there something going wrong?' So I called my stepmom and she assured me that no, he was healthy. He just wanted us to get together, bring all of our instruments, come back home, and we sat down all evening and we just played.
Glenda McNeal 2:07 ↗
Okay.
Marvin Ellison 2:07 ↗
We had neighbors that just came around from all over the area who heard we were there, and before we knew it, the house was filled. It was one of the nicest, most enjoyable evenings I've had in a very long time.
Glenda McNeal 2:22 ↗
Aw.
Marvin Ellison 2:22 ↗
And we had neighbors that just came around from all over the area who heard we were there, and before we knew it, the house was filled. It was one of the nicest, most enjoyable evenings I've had in a very long time.
Glenda McNeal 2:38 ↗
So, if you do a repeat performance, you're going to invite me?
Marvin Ellison 2:40 ↗
No.
Glenda McNeal 2:41 ↗
I want to hear you play.
Marvin Ellison 2:44 ↗
And any of the video that remains, I want to find it and burn it. But we had a good time. We had a great time. And more importantly, my dad really enjoyed it. So, I would much rather play than sing or dance.
Glenda McNeal 2:58 ↗
Okay. All right. Well, I can't play. I'd love to play an instrument. I try to sing, but I love to dance. So, that's kind of my story. All right.
Marvin Ellison 3:06 ↗
Right.
Glenda McNeal 3:07 ↗
Based on your talents, what's your superpower?
Marvin Ellison 3:11 ↗
You know, I would say simplifying the complex. One of the things I've always tried to pride myself on is that in any situation, whether it's an equation to be solved or a business to be turned around, there are probably three or four things that really matter. So I try to jump into all the complexity and find those three or four levers that really drive the outcome. I tell my team all the time, 'A simple plan does not make you a simple leader.' And oftentimes, we get really concerned about over-simplifying things because we think that will give a limited view of our sophistication as a leader. And that's speaking for someone who struggled with that for a lot of years. But what I came to the conclusion is that if you can develop a simple plan with clarity, then you can drive excellent execution. At the end of the day, that's what matters in getting the outcome. So simplifying the complex is something I try to pride myself in doing.
Glenda McNeal 4:13 ↗
I love that. In home design or innovation, are you a do-it-yourself or do-it-for-me guy?
Marvin Ellison 4:22 ↗
I'm a do-it-for-me because the most valuable asset I have besides my health and my family is my time. So if I can get someone to do it for me and I can take that time and repurpose it to spend the evening with my wife or read a good book or go to a religious service, that's a much more valuable return than being tied up all day doing something that someone else can do at a higher skill level.
Glenda McNeal 4:56 ↗
I would say time and talent, so yes, I would agree with that. Best advice you've ever received?
Marvin Ellison 5:04 ↗
The best advice I received probably from my dad, and that is no one can beat you being you. For someone who grew up without a lot of material belongings, you could easily compare yourself to someone who's driving a better car, nicer clothes, a more prestigious education. My dad would always remind my siblings and I that whenever you feel like you're less than or a little overwhelmed, just always remember that God granted you unique gifts, so nobody can beat you being you. So be the best version of yourself. I have remembered that and forgotten that in different stages of my life and career, but whenever I'm faced with any insecurities, I reflect back to that advice.
Glenda McNeal 5:56 ↗
Yeah, I completely agree because being the best version of you and continuing to work at that, and nobody can beat you at that.
Marvin Ellison 6:04 ↗
Yeah, amen to that.
Glenda McNeal 6:06 ↗
All right. So, let's get started. In July 2018, you took on the role of CEO and president of Lowe's Companies, a Fortune 50 home improvement company with 300,000 associates in the United States. Prior to this, you were chairman and CEO of J.C. Penney.
Marvin Ellison 6:24 ↗
Yes, ma'am.
Glenda McNeal 6:26 ↗
Knowing a little bit about your background, I would say that your path to CEO would not be described as one that is very typical.
Marvin Ellison 6:33 ↗
Yeah.
Glenda McNeal 6:33 ↗
So, what's been your journey to get here and where did your inspiration come from?
Marvin Ellison 6:38 ↗
Well, I've said it many times, if there were two words to describe my career journey, they both would begin with the letter B: blessed and bumpy. I'm blessed because I'm here, and I thank God every day for allowing me to persevere through some of the challenges I faced. But it's been bumpy. The thing for me that's allowed me to be here is just being resilient. It's not the number of times that you get knocked down that matters, it's the number of times you get up. Growing up in the South, coming from a family that didn't really have a lot of financial wherewithal, but I was gifted with the lottery ticket of two great parents. They didn't have formal education, but they understood that there were so much greater opportunities out there beyond our small community. They encouraged us, motivated us, and supported us. My parents always found a way to be there, and they were always supportive. I won a lottery ticket in that regard. For a young black man growing up, having a dad that worked every day, never complained, went to church every Sunday, respected my mother, he gave me everything I needed to be the type of man I should be. He was a living example. I started working in retail in college as a part-time job at Target, and it just kind of resonated with me. I had to have ambition. I continued to look at the next opportunity. The one big unlock for me was when I determined that because I didn't have an educational pedigree or influential mentors, I had to take on assignments that no one else wanted. That started my journey around getting into turnaround situations. For the last 20 years of my career, I have replaced individuals who have been fired or forced out, including the job I'm in right now. I had to take on those high-risk positions to prove I could make it work. I've been fortunate to have a great team around me and have had success along the way.
Glenda McNeal 10:13 ↗
You know, we're having this conversation but we really have not met, and there are so many parallels in your story to mine. I grew up in the South. I'm the last of eight kids. Not a lot of financial means. My father was a farmer, sharecropper. It is because of the grace of my family, the support. I had lots of parents. There were seven girls and a boy, so I had lots of moms. Throughout my career, bumpy. I went to Dillard University, an HBCU. I had this thing in my mind about 'leave no doubt.' Having to prove yourself each and every time, taking on those assignments no one else wanted because it gave you an opportunity to show what you can do. It's interesting to know there are some parallels we share.
Marvin Ellison 11:28 ↗
Beyond what you said, when I was born, number four, my mother, who's the oldest of 16, was a maid at a truck stop motel. They had to get my dad out of the cotton field to let him know his fourth child was on the way, because he was a sharecropper. After I was born, he got into the insurance industry. In the South, the insurance industry was very segregated. He worked for a hometown company owned by a black gentleman who started a funeral home and an insurance company. He went door-to-door to collect payments. That transformed our life from rural poverty to lower middle class. The parallels are strikingly similar.
Glenda McNeal 12:52 ↗
Yeah, my father was born in 1924. He never got that opportunity to make that transition. He was the second child, first son of 14, all from the same parents. We talk about the fact that we each have two and shake our head. Imagine our parents and our grandparents.
Marvin Ellison 13:11 ↗
I cannot imagine. Yeah.
Glenda McNeal 13:13 ↗
All right. So, let's go into career and leadership. We can talk all day about that stuff, but we'll move on. You mentioned your first job in retail being at Target.

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Cite this transcript

APA, MLA, BibTeX
APA

Ellison, M. (2026, June 23). In Partnership With Marvin Ellison, Lowe's CEO | American Express [Interview transcript]. American Express. CEOInterviews.AI. https://ceointerviews.ai/interview/1003871/

MLA

Marvin Ellison. "In Partnership With Marvin Ellison, Lowe's CEO | American Express." American Express, 23 Jun. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1003871/.

BibTeX
@misc{ellison2026_1003871,
  author       = {Marvin Ellison},
  title        = {In Partnership With Marvin Ellison, Lowe's CEO | American Express},
  howpublished = {Interview transcript, American Express. CEOInterviews.AI},
  year         = {2026},
  month        = {jun},
  url          = {https://ceointerviews.ai/interview/1003871/},
  note         = {Speaker-attributed transcript with timestamps}
}