A Home Depot store is seen in Washington, DC, on August 18, 2020.
NICHOLAS KAMM | AFP | Getty Images
Home Depot said Thursday that chief operating officer Ted Decker will step into the role of CEO.
The retailer’s current CEO, Craig Menear, will continue to serve as chair of the board. The leadership change will be effective as of March 1, the company said in a news release.
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, even in the most recent fiscal quarter, even as some consumers decide to hire home professionals rather than taking on do-it-yourself projects.
Menear said Decker, a 22-year Home Depot veteran, is the right person to take the helm.
“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,” he said in a news release. “I have tremendous confidence that he will guide our company to new heights.”
Home Depot’s shares are up about 30% over the past 12 months. Shares closed Thursday at $356.43, down less than 1%.
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Read More: Home Depot names company veteran Ted Decker as CEO