NEW YORK (TheStreet) - Home Depot (HD) said on Thursday that Craig Menear would replace current Chairman and CEO Frank Blake as the company's new CEO, effective Nov. 1. Menear, currently the home improvement company's president of U.S. retail will step into the position, replacing the 65-year old Blake, who will remain Home Depot's chairman.
TheStreet's Jim Cramer says Home Depot's new CEO will have big shoes to fill:
Menear was named president of Home Depot's U.S. retail operations in February of this year. He is a 34-year retail veteran and is a "key leader in the company's success," the Atlanta-based company said in the press release. "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," according to the release.
Blake has been Chairman and CEO of the company for the past seven years, leading the company through the recession. Since January 2007, when Blake came on, shares have risen 126%, outpacing the 40% gain in the S&P 500.
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On Tuesday, Home Depot reported second-quarter earnings of $2.1 billion, or $1.52 a share, compared to $1.8 billion, or $1.24 a share in the year-earlier period. Sales rose 5.7% to $23.8 billion for the quarter, while comparable store sales for U.S. stores rose 6.4%.