Home Depot (HD) has promoted Chief Operating Officer Ted Decker to the top role of Chief Executive Officer, effective March 1 of this year.
The home renovation retailer’s current CEO, Craig Menear, age 64, will continue to serve as chair of the company’s board. Menear has been at the retailer for more than 20 years and held the CEO title since November 2014.
Home Depot has seen tremendous growth during the pandemic, as nesting trends and a strong housing market inspired consumers to invest in their homes or move to bigger domiciles.
Now, the company will have to prove it can keep those sales going as consumers face rising prices due to sky high inflation and potentially shift their spending toward services such as dining out and travel.
Outgoing CEO Menear said Decker, a 22-year Home Depot veteran, is the right person to take the helm during a period of growth.
Decker, age 58, has risen through the ranks at Home Depot since joining the company in 2000. He previously served as executive vice president of merchandising. He became president and COO in October 2020.
Even prior to the global health crisis, Home Depot was making significant investments in its supply chain and e-commerce businesses.
Starting in 2018, the company began spending $1.2 billion U.S. to open about 150 supply chain facilities over five years — including giant centers geared toward home professionals.
The company also expanded its distribution network, with the goal of offering same-day and next-day delivery.
Home Depot shares are currently at $356.43 U.S., up about 30% over the past 12 months.
