Home Depot Appoints New President, Possible CEO Successor
Home Depot (NYSE: HD) announced last week that Craig Menear has been name the president of U.S. retail.
Menear joined the company in 1997 as a merchandising manager in the Southwest Division. He was most recently the executive vice president of merchandising, where he handled a throng of responsibilities, including merchandising, supply chain network, global sourcing, marketing and online sales. His new position, effective immediately, adds U.S. store operations to the list.
CEO and Chairman Frank Blake, 64, has led the company for the past seven years. Although he has no set retirement date, the Wall Street Journal reports that “a succession plan is under way.”
There is no mandatory retirement age for Home Depot employees, but Bloomberg says the board's is 72.
Next in line?
Menear appears to be poised as Blake's replacement. The WSJ says his new role gives him responsibility of most of the company's operations. The head of U.S. stores, Marvin Ellison, will now report to Menear instead of Blake. Home Depot hasn't had a president since Bob Nardelli, who also served as chairman and CEO. Nardelli was ousted in 2007 and replaced by Blake.
Menear, Ellison and Chief Financial Officer Carol Tomé had all been considered for Blake's successor, according to the WSJ. But Tomé will remain as CFO, the company told the WSJ.
The retailer also announced the appointment of Mark Holified as executive vice president of supply chain and product development. He previously served as the senior vice president of supply chain. Holified will report to Menear.
"Craig is a world-class retailer and has done a terrific job in recent years leading some of the most important and successful initiatives in our company," Blake said in a press release. "And Mark has successfully led one of the most extensive supply chain transformations in retail history. Both are very deserving of their new leadership roles, and I look forward to their continuing contributions to our business."
The Atlanta-based company has also been trying to boost its web retail sales, according to the WSJ. Earlier this year, it acquired Blinds.com, an online retail seller of window blinds and shades.
The company reported $79 million in sales for fiscal year 2013, a year-over-year increase of 5.4 percent.
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