The Canadian Press - ONLINE EDITION

Home Depot says US retail head Craig Menear will become CEO; Frank Blake will remain chairman

  • Print

NEW YORK, N.Y. - Home Depot said Thursday that Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1.

Frank Blake has been Home Depot's chairman and CEO since 2007, and he will remain chairman of the company. Menear, 57, became president of the company's U.S. retail unit in February and the company said the move was part of a planned succession.

Menear has worked for Home Depot since 1997, and the company said he helped revamp its merchandising operations, strategy, and supply chain as well as bolstering sales growth for Home Depot's website. He has also worked for Ikea, Builders Emporium, and Montgomery Ward.

"This has been well-telegraphed. Craig was being groomed for the position," said Brian Sozzi, CEO and chief equities strategist at Belus Capital Advisors. "They have a lot of confidence in the holiday season and they want to give him the experience of being the top dog."

Home Depot Inc. is the largest U.S. home improvement retailer. On Tuesday, the company reported strong second-quarter results and raised its profit forecast for the full year. It said purchases of major items like appliances and water heaters improved compared to last year, and its results have been helped by the improving U.S. housing market. Home prices are starting to rise, job growth has been steady, and there are fewer troubled loans dating back to the days of the housing bubble.

Home construction also bounced back in July, and applications for building permits improved after falling in May and June. While the housing market recovery has been uneven, home owners are spending more money on renovations.

The Atlanta company on Tuesday raised its outlook for the year, saying it expects to earn $4.52 per share, up from its previous estimate of $4.42 per share. Analysts are expecting $4.48 a share, according to FactSet.

Under Blake, the company responded to the housing market crash by cutting back on its expansion plans, saying it would build fewer stores in better locations instead. During the tenure of Bob Nardelli the company expanded at a faster clip in order to gain market share.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Key of Bart: Choose Yourself

View more like this

Photo Store Gallery

  • A young gosling prepares to eat dandelions on King Edward St Thursday morning-See Bryksa 30 Day goose challenge- Day 17- bonus - May 24, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A baby Red Panda in her area at the Zoo. International Red Panda Day is Saturday September 15th and the Assiniboine Park Zoo will be celebrating in a big way! The Zoo is home to three red pandas - Rufus, Rouge and their cub who was born on June 30 of this year. The female cub has yet to be named and the Assiniboine Park Zoo is asking the community to help. September 14, 2012  BORIS MINKEVICH / WINNIPEG FREE PRESS

View More Gallery Photos

Poll

Are you in favour of the Harper government's new 'family tax cut'?

View Results

View Related Story

Ads by Google