Mr. Menear was named The Home Depot, Inc. (NYSE:HD)’s president of U.S. retail operations in February with the full knowledge that Frank Blake was stepping down as CEO of the nation’s fourth-largest retailers. Menear has also been elected to the company’s board of directors, effectively immediately.
During Mr. Blake’s tenure he brought employee morale back to where it should be, overhauled the company’s operations and drove the company’s stock upwards. Blake will stay on as the company’s Chairman.
Home Depot: Blake’s statement
“Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles,” Blake said of his successor in a press release. “As a long-time Home Depot veteran, Craig lives our values and embodies our culture. He’ll do an outstanding job leading our company in the years ahead.”
Just this week, The Home Depot, Inc. (NYSE:HD)’s stock climbed to an all-time high driven by purchases of big-ticket items like appliances. The company reported Q2 net income of $2.05 billion up 14% year-over-year and earnings of $1.52 a share while the consensus was calling for earnings of $1.44.
With the Q2 earnings call, Home Depot also increased their guidance calling for earnings of $4.52 per share up from $4.42.
Rising home prices are encouraging home owners to spend more on renovations while the weather that kept consumers from making purchases earlier in the year has abated.
Menear brings 34 years of retail experience to the table and was charged with overseeing the company’s supply chain and expanding its online and private brand businesses along with marketing and global sourcing before today’s announcement.
Menear will need to further need to expand the company’s online presence while integrating technology into its stores to satisfy the current American shopper.
The Home Depot, Inc. (NYSE:HD) closed the day at 91.15 up $0.4 or 0.44% on the day. In after hours trading following the announcement, it was trading at $90.95 at 5:03PM EDT in a small drop.