NEW YORK (TheStreet) -- Shares of Home Depot Inc. (HD) are slightly lower in after-hours trading after the home improvement retailer announced that Craig Menear, currently president, U.S. retail, has been named CEO and president, effective November 1, and has been elected to the company's board of directors, effectively immediately.
Current chairman and CEO Frank Blake will remain chairman.
Menear, who was named president, U.S. retail in February of this year, is a 34-year retail veteran and a key leader in the company's success. In addition to his role as chief merchant, Menear has overseen the company's supply chain efforts, its rapidly growing online and private brand businesses and the company's marketing and global sourcing, the company said.
TheStreet Ratings team rates HOME DEPOT INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HOME DEPOT INC (HD) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, increase in stock price during the past year and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."