Home Depot CEO Ted Decker to replace retired Craig Menear as chairman

Ted Decker, Home Depot

Source: PRNewswire

Home Depot has named CEO Ted Decker as chairman of the board, the company announced Thursday.

He replaces former CEO Craig Menear, who will retire as chairman on September 30. Decker took over as CEO in March, when Menear stepped down from the role. Previously, Menear served as the company’s chief executive since 2014.

The announcement comes two days after Home Depot’s second-quarter earnings report showed strong performance even as consumers grappled with high inflation. The company statement did not give a reason for Menear’s retirement.

Home Depot also announced a new $15 billion stock buyback program on Thursday.

The board thanked Menear for his service to the company and commended Decker’s performance thus far as CEO.

“During Ted’s tenure as CEO and member of the Board of Directors, we have witnessed his passion for customer experience and our associates, and we look forward to continuing to work with him as Chairman,” said Greg Brenneman, Senior Director of the Board. in a press release.

Both men are veterans of the business. Menear started at Home Depot in 1997 and Decker began his tenure there in 2000. Decker started as Director of Business Valuations and served as Executive Vice President of Merchandising before being named Director of operations and president in October 2020.

Shares of the company were indeed flat after hours.

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