Home Depot Inc. HD -0.24% is tapping its operating chief to replace Craig Menear as chief executive, as the home-improvement retailer looks to enter its next phase of growth in the Covid-19 pandemic.
Ted Decker, who also serves as president, will assume the CEO post March 1, Home Depot said Thursday. Mr. Decker, 58 years old, will also join the board of directors at that time. Mr. Menear will continue to serve as chairman following the transition.
Mr. Decker joined Home Depot in 2000 and has been serving in his current roles since October 2020. He was responsible for global store operations, supply chain and outside sales and service, among other responsibilities.
“His ability to blend the art and science of retail is exactly what is needed in the next phase of growth for The Home Depot,” Mr. Menear said in a statement.
The home-improvement chain was an early winner as the pandemic sent ripples through the economy and as the homebound quickly turned to fixer-upper projects. The trends continued as the economy reopened, with the company’s quarterly revenue beating expectations for several consecutive quarters.
Shares of Home Depot have risen more than 62% since the start of 2020, closing Thursday at $356.43. Shares rose less than 1% in after-hours trading.
Since Mr. Menear began his tenure as CEO, Home Depot shares have more than tripled, according to Dow Jones Market Data Group.
The change in leadership comes as Home Depot has routinely beat sales expectations throughout the pandemic despite rising input prices and logistics challenges.
In the latest quarter, the company reported a profit of $4.1 billion on revenue of $36.82 billion, as both measures came in higher than analysts polled by FactSet had forecast.
Home Depot hasn’t been immune to the problems that other retailers have struggled with. Executives said the company is working with suppliers and, in some cases, introducing alternative products to keep shelves full. Transportation challenges have pushed the company to charter its own cargo ships to import goods as a way to mitigate disruptions brought on by the pandemic.
—Josh Beckerman contributed to this article.
Write to Denny Jacob at [email protected]
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