(Adds details on Menear, Blake, shares)
Aug 21 Home Depot Inc named retail
industry veteran Craig Menear as its chief executive, four
months after he was appointed as head of the home improvement
chain's U.S. retail business.
Menear succeeds Frank Blake, who has led the company since
2007. Blake will stay on as chairman, the company said in a
Menear, 56, joined Home Depot in 1997 as a merchandising
manager. He held various management positions before being named
senior vice president of merchandising in 2003, according to the
The move comes as Home Depot tries to steer through a slow
recovery in the U.S. housing market, where rising interest rates
and low wage growth have stifled spending on new homes.
The company, on Tuesday, maintained its full-year sales
growth forecast but offered a positive outlook for the rest of
Home Depot said it expected same-store sales to grow faster
in the second half of the year as homeowners spend more on
repairing and remodeling their homes after a severe winter
Menear's move will be effective on Nov. 1, the company said.
Before joining Home Depot, Menear worked at furniture
companies Ikea, Builders Emporium, Grace Home Centers
and Montgomery Ward.
Blake, who led Home Depot through the financial recession,
drove sales at the world's largest home improvement retailer
from $66 billion in 2010 to $78 billion in 2013 - levels last
seen before the recession.
The company's stock more than doubled during his six years
at the helm.
Home Depot shares were little changed in extended trading
after closing at $91.15 on the New York Stock Exchange on
(Reporting by Siddharth Cavale in Bangalore; Editing by