A Residence Depot retailer is seen in Washington, DC, on August 18, 2020.
NICHOLAS KAMM | AFP | Getty Pictures
Home Depot stated Thursday that Chief Working Officer Ted Decker will step into the position of CEO, efficient March 1.
The retailer’s present CEO, Craig Menear, 64, will proceed to function chair of the board. Menear has been on the retailer for greater than 20 years and commenced as CEO in November 2014.
Residence Depot has seen large development through the pandemic, as nesting trends and a powerful housing market impressed People to put money into their properties or transfer to greater locations. That development has continued, including in the most recent fiscal quarter, at the same time as some shoppers employed house professionals in lieu of do-it-yourself initiatives.
Now, the corporate must show it could actually hold these gross sales going as People face rising costs because of inflation and doubtlessly shift their spending towards companies reminiscent of eating out and touring.
Outgoing CEO Menear stated Decker, a 22-year Residence Depot veteran, is the appropriate particular person to take the helm throughout a interval of development.
Decker, 58, has risen by way of the ranks at Residence Depot since becoming a member of the corporate in 2000. He beforehand served as chief service provider and govt vp of merchandising. He turned president and COO in October 2020.
“His capacity to mix the artwork and science of retail is precisely what is required within the subsequent section of development for The Residence Depot,” Menear stated in a news release. “I’ve large confidence that he’ll information our firm to new heights.”
Even previous to the worldwide well being disaster, Residence Depot was making significant investments in its supply chain and e-commerce business.
Beginning in 2018, the corporate started spending $1.2 billion to open about 150 provide chain amenities over 5 years — together with big facilities geared towards house professionals. The corporate additionally expanded its distribution community, with the aim of providing same-day and next-day supply to 90% of the U.S. inhabitants.
Residence Depot shares closed Thursday at $356.43, down lower than 1%, and are up about 30% over the previous 12 months.