August 22, 2014, 4:22 PM

Home Depot names a new CEO

Craig Menear, the retailer’s current president of U.S. retail will take the reins on Nov. 1. Current chairman and CEO Frank Blake will remain chairman.

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The Home Depot Inc. has named Craig Menear, the retailer’s current president of U.S. retail, the CEO and president, effective Nov. 1.

Menear was named president of U.S. retail in February and is a 34-year retail veteran. Menear has been with the home improvement retailer since 1997. At Home Depot, he has overseen the company’s supply chain management, its online and private brand businesses, and the company’s marketing and global sourcing.

“Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles,” says current chairman and CEO Frank 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, who has been chairman and CEO of Home Depot since 2007, will remain chairman of the board of directors. The Home Depot, No. 16 in the 2014 Internet Retailer Top 500 Guide, operates 2,265 retail stores in all 50 states as well as an e-commerce operation that did $2.758 billion in web sales in 2013—with a 50% jump in the fourth quarter alone. In the second quarter of 2014, the retailer did $1 billion in web sales. The company also said one third of its online orders are now picked up in stores, and that includes both consumer- and business-related purchases.

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