Lowe’s CEO Marvin Ellison said Wednesday he’s been personally buying shares of the home improvement retailer during the difficult times of the coronavirus outbreak because he’s optimistic about the future.
“I’m a believer in my company,” CEO Marvin Ellison told CNBC’s Jim Cramer Wednesday. “I’m here for the long term.”
“We think that we will create a great value and we’ll create a great opportunity for shareholder value over the long term,” Ellison said in the “Mad Money” interview. “As CEO, if I don’t have confidence in the company, then I don’t know who will.”
Ellison’s own purchases of Lowe’s shares come as stock buyback plans by companies draw fire in Washington.
Corporate buybacks — which decrease the amount of shares trading publicly and can often lead to higher stock prices — are completely different than a CEO buying stock in his own company in a show of confidence.
Billionaire entrepreneur Mark Cuban last week said any corporations receiving bailouts from the federal…