A Home Depot store is seen in Washington, DC, on August 18, 2020.
NICHOLAS KAMM | AFP | beautiful pictures
Home Depot said on Thursday that Chief Executive Officer Ted Decker will step into the role of Chief Executive Officer, effective March 1.
The retailer’s current chief executive officer, Craig Menear, 64, will continue to serve as chairman of the board. Menear has worked at the retailer for over 20 years and began serving as CEO in November 2014.
Home Depot has seen tremendous growth during the pandemic, as interlocking trend and a strong housing market has inspired Americans to invest in their homes or move to bigger places. That growth has continued, including in the most recent fiscal quarter, even as some consumers hire home professionals in lieu of do-it-yourself projects.
Now, the company will have to prove it can sustain those sales as Americans face rising prices driven by inflation and potentially shift their spending toward services like dining and travel. tourism.
Outgoing CEO Menear said Decker, a 22-year veteran of Home Depot, is the right person to take the helm during the development phase.
Decker, 58, has risen through the ranks at Home Depot since joining the company in 2000. Previously, he served as chief commercial officer and vice president of merchandise sales. He became president and COO in October 2020.
Menear said in a New information posted. “I have great confidence that he will take our company to the next level.”
Even before the global health crisis, Home Depot has made significant investments in its supply chain and e-commerce business.
Starting in 2018, the company began spending $1.2 billion to open about 150 supply chain facilities within five years — including giant centers geared toward in-home professionals. The company also expanded its distribution network, with the goal of providing same-day and next-day delivery to 90% of the US population.
Shares of Home Depot closed Thursday at $356.43, down less than 1% and up about 30% over the past 12 months.