The Home Depot appoints new CEO

The Home Depot has named Craig Menear, currently president, U.S. retail, as CEO and president, effective November 1, and has elected him to the company's board of directors, effectively immediately. Current chairman and CEO Frank Blake will remain chairman.



Menear, who was named president, U.S. retail in February of this year, is a 34-year retail veteran and a key leader in the company's success. In addition to his role as chief merchant, Menear has overseen the company's supply chain efforts, its rapidly growing online and private brand businesses and the company's marketing and global sourcing.



Prior to joining the company in 1997, Menear held various merchandising positions within the retail industry with companies such as Ikea, Builders Emporium, Grace Home Centers and Montgomery Ward, as well as operating an independent retail business. He earned a bachelor of arts degree from Michigan State University’s Eli Broad College of Business.



"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 has been chairman and CEO of The Home Depot since 2007.



"On behalf of the board, I want to thank Frank for the job he has done over the last seven years," said Greg Brenneman, the board's lead director. "Among his many accomplishments, Frank has built a world-class leadership team. We are fortunate to have a leader of Craig's capabilities as our new CEO."



In fiscal 2013, the company had sales of $78.8 billion and earnings of $5.4 billion.