Home Depot Appoints New CEO

Craig Menear, President of U.S. Retail at The Home Depot, will succeed Frank Blake as the company’s CEO effective Nov. 1, 2014. Blake will remain Chairman of the company’s board of directors, with Menear joining the board immediately.

Menear has held his current position as President, U.S. Retail, since Feb. 2014, and previously served as the company’s EVP of Merchandising. A 34-year retail veteran, Menear’s responsibilities at The Home Depot have included overseeing the company’s supply chain efforts, managing the growth of the online and private brand businesses, and leading marketing and global sourcing.

“Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles,” said Blake. “As a long-time Home Depot veteran, Craig lives our values and embodies our culture. He’ll do an outstanding job leading our company in the years ahead.”

Blake leaves the helm after serving as Chairman and CEO of The Home Depot for seven years, since 2007.

The Home Depot operates 2,265 retail stores in all 50 states plus the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2013, the retailer reported sales of $78.8 billion and earnings of $5.4 billion.