Home Depot (HD) named Craig Menear, a retail industry veteran and president of the company’s U.S. retail business as CEO and president, the Atlanta-based home-improvement chain said today in a statement.
Home Depot said current chairman and CEO Frank Blake, who has served as CEO since 2007 when he replaced Bob Nardelli, will stay on as chairman. Menear joined Home Depot in 1997. “Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles,” Blake said.
The appointment of Menear is effective Nov. 1.
Bloomberg reported in February that Menear, who has also been elected to the company’s board of directors, efffective immediately, was the favorite to succeed Blake as CEO of the largest U.S. home-improvement chain.
Home Depot shares fell 0.46 percent to $90.73 at 4:39 p.m. in late trading in New York. HD had gained about 22% year-over-year, and 10.7% year-to-date through the close of regular trading today.