Who currently owns Lowe’s the retail company, which deals in home improvement and hardware chain in the United States and Canada.
Lowe’s is an American retail company that specializes in home improvement. The company operates a chain of retail stores in the United States and Canada.
As of February 2021, Lowe’s and its related businesses operated 2,197 home improvement and hardware stores in North America.
Lucius Smith Lowe opened the first Lowe’s store in North Wilkesboro, North Carolina, in 1921 under the name North Wilkesboro Hardware.
After Lowe’s death in 1940, his daughter Ruth Buchan inherited the business and sold it to her brother James Lowe.
James and his brother-in-law Carl Buchan ran the business together starting in 1943.
In anticipation of an increased need for construction materials after World War II, the store shifted its focus to strictly construction, hardware, and building materials.
In 1952, Buchan became the sole owner of Lowe’s, and the company was incorporated as Lowe’s North Wilkesboro Hardware. Lowe’s has since grown nationally, operating more than 2,355 locations in the United States, Canada, and Mexico.
In 1998, Lowe’s bought the Wilkes Mall in Wilkesboro, North Carolina, to serve as its headquarters. Lowe’s built and relocated its corporate headquarters to a 350-acre campus in Mooresville, North Carolina, in 2003.
It has retained its former headquarters, where 2,400 employees continue to work.
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Who Currently Owns Lowe’s?
As a publicly-traded company, Lowe’s doesn’t have a single owner. Instead, it has many shareholders who own its stock. The Vanguard Group is currently the majority shareholder with 8.92% of Lowe’s stock.
However, it doesn’t own 50%+1 of the company’s stock, so it doesn’t have full ownership. The second-largest shareholder is BlackRock, Inc., which owns 7.3% of Lowe’s common stock.
The company has a board of directors chaired by Marvin R. Ellison, the current CEO.
Marvin Ellison’s success story is unlike any other. Mr. Ellison rose from a young boy in a small Southern town to become a member of the board of directors of one of America’s largest corporations.
Mr. Ellison has a new vision for Lowe’s that includes more racial diversity and a focus on employees’ abilities rather than their skin color.
Marvin Ellison is the chairman, president, and CEO of Lowe’s Companies Inc., a FORTUNE® 50 home improvement retailer with over 2,200 stores and approximately 300,000 employees in the United States and Canada.