Home Depot CEO Craig Menear to Take Over As Chairman
Home Depot has named CEO Craig Menear their next chairman, succeeding Frank Blake when he retires next month.
Menear, who was appointed the DIY retailer's CEO in November, will be the first merchant to hold both CEO and chairman titles since the company's co-founder, Bernie Marcus. "We're fortunate to have another great leader in Craig Menear and look forward to working closely with him moving forward," board director Greg Brenneman said in a statement.
Home Depot has been on the incline for the past five years, having benefited from the improving U.S. housing market and seen shares rising to record highs. The sole sour note has been a data breach carried out just days after Menear took over in November, which saw hackers stealing 53 million customer emails and 56 million credit card accounts.
According to the Wall Street Journal, Menear said that it was difficult to gauge the impact of the data breach on sales.