The Home Depot Names New CEO
The Home Depot announced last week that Edward (Ted) Decker will become chief executive on March 1, succeeding Craig Menear. Decker joined the home improvement retailer in 2000 and was named president and COO in October 2020, where he was responsible for global store operations, global supply chain, outside sales and service, real estate, as well as merchandising, marketing and online strategy, serving Pro and DIY customers in stores and online. Previously, Decker served as chief merchant and executive vice president of merchandising, where he was responsible for all store and online merchandising departments, merchandising strategy, vendor management and services, and in-store environment. Meanwhile, Menear has been CEO since 2014. He's also chairman of the board and will retain that role, the company said in a statement.
In the statement, Menear said Decker "has nurtured our culture by living our values and demonstrating servant leadership throughout his career ... His ability to blend the art and science of retail is exactly what's needed in the next phase of growth for The Home Depot."
Total Retail's Take: The home improvement retailer, which was founded in 1978 and has grown to become the largest hardware chain in the world, has gone through a period of tremendous growth during the pandemic. A combination of nesting trends and a strong housing market collided, yielding increased sales for The Home Depot. In its most recent fiscal year, Home Depot reported revenues of $132.1 billion. However, the company, and others in its category and across the industry, will be facing a challenge going forward: Will it be able to keep sales going as Americans face rising prices due to inflation and potentially shift their spending toward experiences such as dining out and traveling. Decker will be tasked with sustaining the momentum that The Home Depot has generated under Menear's watch.
