Home Depot to install Craig Menear as new chief executive
Move comes as US chain attempts to deal with slow-down in housing recovery
US home-improvement chain Home Depot will introduce new chief executive in November. Photograph: Reuters
Mr Menear will take up the role on November 1st, the Atlanta-based company said in a statement.
Mr Blake (65) has been chief executive since 2007 and will remain on as chairman. Mr Menear, who’s been with the chain since 1997, will join him on the board immediately.
America’s largest home-improvement chain has boosted profit for five straight years as the recovering US housing market encouraged homeowners to spend more on renovations.
The chain, which earlier this week posted second-quarter earnings that topped analysts’ estimates, will now focus on continuing that streak as higher interest rates and sluggish wage gains threaten to cool growth.
“It won’t be a difficult transition,” said Jaime Katz, an analyst for Morningstar in Chicago.
“Because of the knowledge he’s accumulated with his time at the firm, he’s well positioned to take over the role. They’re going with someone who has grown up with the business.”
The shares fell 0.1 per cent to $91.05 in New York this morning.
Home Depot had gained 11 per cent this year by close of regular trading yesterday.
Mr Menear (57) has 34 years experience in retail including stints at Ikea.
Before being named president in February, he served as executive vice president of merchandising.