Home Depot (NYSE:HD) announced Craig Menear, president for U.S. retail, will succeed Frank Blake as CEO this year. The move comes a few days after the home improvement chain reported a better than predicted profit for the second quarter.
Menear joined Home Depot in 1997 and has 34 years of retail experience. Before being named president in February, he served as executive VP of merchandising. He also spent time working for Ikea, reported Bloomberg.
Blake, who has been CEO since 2007, will remain chairman and Menear will take the helm Nov. 1.
Blake took over as CEO from Robert Nardelli, who was criticized for receiving excessive pay during a period when the company had lost market share to Lowe's. Blake navigated the retailer through the U.S. housing crash by slowing new store growth and focusing on increasing sales in existing locations.
Home Depot has boosted profit for five straight years as the recovering U.S. housing market has encouraged shoppers to spend again on renovations. In fact, the retailer ended the last fiscal year with comp sales up 4.9 percent in the fourth quarter of 2013. It was the strongest comp sales growth in 14 years.
The company has also seen a substantial rise year-over-year in online sales, up 3 percent in the first quarter of 2014. E-commerce now accounts for 4.2 percent of the retailer's overall sales.
-See this Bloomberg article
-See this Home Depot press release
Home Depot reports strongest same-store growth in 14 years
Home Depot acquires blinds.com
Home Depot finally bids farewell to fax machines
Home Depot hiring 6,300 employees in Canada
Home Depot to host 700 hurricane preparedness clinics