NEW YORK (AP) — Home Depot said Thursday that Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1.
Frank Blake has been Home Depot's chairman and CEO since 2007, and he will remain chairman of the company. Menear, 57, became president of the company's U.S. retail unit in February and the company said the move was part of a planned succession.
Menear has worked for Home Depot since 1997, and the company said he helped revamp its merchandising operations, strategy, and supply chain as well as bolstering sales growth for Home Depot's website. He has also worked for Ikea, Builders Emporium, and Montgomery Ward.
"This has been well-telegraphed. Craig was being groomed for the position," said Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors. "They have a lot of confidence in the holiday season and they want to give him the experience of being the top dog."
Home Depot Inc. is the largest U.S. home improvement retailer. On Tuesday, the company reported strong second-quarter results and raised its profit forecast for the full year. It said purchases of major items like appliances and water heaters improved compared to last year, and its results have been helped by the improving U.S. housing market. Home prices are starting to rise, job growth has been steady, and there are fewer troubled loans dating back to the days of the housing bubble.
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