Home Depot CEO to take on Chairman duties

Home Depot Inc. Chief Executive Officer Craig Menear, who took charge at the home-improvement chain in November, will add the chairman role to his duties next month when Frank Blake steps down.

Blake, Home Depot’s CEO before Menear, will retire on Feb. 2, the Atlanta-based company said today in a statement. When the company announced Menear’s ascension to the CEO job in August, it didn’t give a timeline for when the 65-year-old Blake would step down from the chairman job.

Blake passes the reins to Menear during a high point for the company, following five straight years of profit gains and a stock rally that pushed the shares into record territory. Home Depot is benefiting from the recovering U.S. housing market, which has encouraged homeowners to spend more on renovations.

“We’re fortunate to have another great leader in Craig Menear and look forward to working closely with him moving forward,” Greg Brenneman, the board’s lead director, said in today’s statement.
Home Depot shares rose 27 percent last year. The stock dropped 1.6 percent to $101.01 yesterday.
To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net

Source : Nick Turner and Niamh Ring - Bloomberg
http://www.businessweek.com/news/2015-01-16/home-depot-ceo-to-add-chairman-role-next-month-as-blake-retires