https://www.barrons.com/articles/lowes-ceo-marvin-ellison-just-bought-stock-51559144695
On May 24, Ellison made his first open-market purchase as a Lowe's insider by paying $950,538 for 10,000 shares.
He reduces the amount employees can buy and makes his own stock purchase.
The trick to cover his corruption? Go into stores and fire people for trivial things based on the so-called "Smart Model". People are being fired left and right in Ga.
The trick? Go into stores and fire people for trivial things based on the so called "Smart Model". People are being fired left and right in Ga.
And he probably didn't use his own money to buy it.
I hope one day this fiasco comes back to bite them in the butt but people like Ellison just move on before their disasters catch up to them. The so called customer focused scheduling is doing nothing but anger customers and employees. Customers liked our matrix because they also preferred dealing with an associate who actually gets two days off in a row on a regular basis so the employee is alert. Our store in Florida is imploding. People leaving right and left or getting fired, accidents are increasing, sales specialists are forced to load large appliances by themselves so getting torn up knees and shoulders plus almost falling off the back of people's trucks, etc. Lowes can't hire people because potential employees hear through the employment grapevine how horrible Lowe's is to work at. The ones they do hire have been caught in lies on their applications or have police records and they do not last long. No one wants to be abused daily by Lowes.
joe flat out admitted in the earnings call that employees - dubbed payroll - was an expense theyre lowering via "customer centric scheduling"
its like soylent green = people. customer centric scheduling = job elimination and reduced hours. dont ever let anyone tell you theyre trying to make it better.....just like the elites in the movie soylent green were feeding you people.....the elites at lowes are trying to sell you a lie as well.
i think we do need to be careful in inadvertently carrying their water for them though. they DO NOT believe technology can replace people. just like they know customer centric scheduling is a train wreck in the making--hence the fear and intimidation for each associate to do more work to make up for it!!!! they hope it can do enough to keep them just competitive enough so they can continue to rake in more money. these boards are nothing but echo chambers where they sit around and preach lies and then believe what bounces off the walls because the alternative is to admit theyre all id--ts and they need to give up some millions and put it back in the business. theyd have to admit theyve been the problem all along. they dont actually believe any of this c-ap they spout....but they have to anyway to chase that almighty dollar.
anyone ever look into the major oil spills or nuclear plant meltdowns.....the executives always knew there were major problems in the making...the engineers would beg them to do something about it...and in every case these executives, or in the case of the KGB with chernobyl, would just decide they knew more so as to not have to spend money to safeguard the problems. its a systemic problem to those in power. theyre crazy, egotistical nutjobs that will always put the masses at risk if they can accumulate just a little bit more power and money. and always, always very short sided in their thinking.
Replying to tenured employees quitting.
Employees to Marvin are an expense to be lowered. He and the board believe technology can be used to make up for a diminished number of employees in store.
Of course it’s a SERVICE BUSINESS that depends on good people to make goals. Robots can’t stock shelves. The internet can’t pull its own orders.
Nothing is in place to stem the tide. It’s all downhill for Lowe’s now.
One more bourgeois parasite. Seen one, seen them all.
Carvin' Marvin shouldn't have to layoff with as many tenured employees that have bailed. In this labor market, it's difficult to find workers as it is. With the low startout wages and poor benefits, how are they going to attract talent? Short answer.....they can't! The 20+ year employees that have left and more planning to leave is crippling Lowes as well. Employees don't like being treated as a time clock number. In reality, who can blame them for quitting???
I’m sure he will. I fully expect to see headlines saying “Lowe’s to hire 60,000 new employees “. Of course they will all be ten hour part timers. But right, the stock will go up.
He probably knows he is going to lay off employees and close stores and make other changes that the market likes which will force the stock price up so he can make a huge gain.
They didn’t fire him but they didn’t make him chairman as expected either.
He is getting ready to jump ship. There is a Shareholders meeting coming up and he is trying to getvaway with as much as he can now. Now that is if our shareholders are smart and can his a-- for the 6.82 billion he lost in Lowe’s shares.
LOL the fiduciary genius already lost about 100k based on today's stock price for this position ...God bless you Marvin! And, most importantly...may He have mercy on you and your 80,000 shares!
No these guys invest everything they don’t live on. Liquid assets of a million dollars is uncommon for anyone. He could have borrowed the money from Lowe’s through his options account (trading future option shares for current dollar that they can only invest in shares immediately) which makes all this worse.
It’s really sh-- that he can profit from a mistake most of us would be fired for.
Sure he had it lying around.....
"Ellison earned total compensation of $14.3 million in 2018, while $7.6 million of it came from stock awards. He started his job on July 2, replacing Robert Niblock, who still received a total compensation of $10.5 million in 2018."
For entire story:
https://www.bizjournals.com/charlotte/news/2019/04/19/lowe-s-new-ceo-earned-half-of-2018-compensation-in.html
No way he just had a million lying around waiting to invest. He would have to have moved that into some sort of holding account and waited to order until it tanked. He knew he would buy and he new it would tank. Not fair.
I bet there are thousands of people who bought it at $113 who wish they knew what Marvin knew ahead of time.
INSIDER TRADING AT ITS BEST.
You too can buy stock on the open market; I’m looking to dump my shares as soon as Marvin gets the the value up over what I paid for them.
IF I had some spare cash laying around I’d buy a truckload of it after crashed also.
Lowe’s Stock Has Crashed and CEO Marvin Ellison Is Buying
By
Ed Lin
May 29, 2019 11:45 a.m. ET
Lowe’s stock recently crashed, giving up essentially all its 2019 gains, but the home-improvement retailer’s CEO Marvin Ellison just bought a large block of shares on the open market.
Lowe’s stock (ticker: LOW) had previously been one of 2019’s highfliers, and sported a 28% year-to-date gain as recently as April 17, when it traded to a record intraday price of $118.23. Investors were cheering on Ellison, who became president and CEO last summer. The turnaround in Lowe’s seemed to be here. It even seemed to be getting the better of longtime rival Home Depot (HD).
Then a week ago, on May 22, Lowe’s stock cratered when the company reported disappointing first-quarter earnings and cut guidance. Shares ended the day at $97.94, a loss of 11.8%. The stock hasn’t yet recovered. As of Wednesday, Lowe’s stock continues to trade below that level.
On May 24, Ellison made his first open-market purchase as a Lowe’s insider by paying $950,538 for 10,000 shares, an average per-share price of $95.05. He now owns 80,090 Lowe’s shares in a personal account, according to a form Ellison filed with the Securities and Exchange Commission.