The Home Depot's CEO And President Craig Menear Named Chairman

The Home Depot HD on Friday announced that its President and CEO Craig Menear will assume duties of Chairman of the board effective February 2nd and will replace Frank Blake, who will retire from the company. "On behalf of the Board of Directors, I once again want to thank Frank for his outstanding leadership and dedication to our customers, associates and shareholders," said Greg Brenneman, lead director. "We're fortunate to have another great leader in Craig Menear and look forward to working closely with him moving forward." Menear, a 17 year veteran of the company will be the first executive since the company's co-founder Bernie Marcus to hold both the CEO and Chairman title. Shares of Home Depot were trading lower by 0.28 percent Friday morning following the announcement.