Home Depot said Thursday that Chief Operating Officer Ted Decker will step into the role of CEO, effective March 1.
The retailer’s current CEO, Craig Menear, 64, will continue to serve as chair of the board. Menear has been at the retailer for more than 20 years and began as CEO in November 2014.
Home Depot has seen tremendous growth during the pandemic, as nesting trends and a strong housing market inspired Americans to invest in their homes or move to bigger places. That growth has continued, including in the most recent fiscal quarter, even as some consumers hired home professionals in lieu of do-it-yourself projects.
Now, the company will have to prove it can keep those sales going as Americans face rising prices due to inflation and potentially shift their spending toward services such as dining out and traveling.
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, 58, has risen through the ranks at Home Depot since joining the company in 2000. He previously served as chief merchant and executive vice president of merchandising. He became president and COO in October 2020.
“His ability to blend the art and science of retail is exactly what is needed in the next phase of growth for The Home Depot,” Menear said in a news release. “I have tremendous confidence that he will guide our company to new heights.”
Even prior to the global health crisis, Home Depot was making significant investments in its supply chain and e-commerce business.
Starting in 2018, the company began spending $1.2 billion 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 to 90% of the U.S. population.
Home Depot shares closed Thursday at $356.43, down less than 1%, and are up about 30% over the past 12 months.