US-based home furnishing retailer Home Depot has picked its retail chief, Craig Menear, to replace CEO Frank Blake.
Blake, who is credited with smoothing out the chain’s rocky fortunes by focusing on its core retail business rather than its wholesale business, is leaving after seven years in the position. He remains as chairman of the board.
Although Blake presided over layoffs during tough times, he reportedly helped improve employee morale, which suffered under previous CEO Bob Nardelli.
Craig Menear’s rise into the CEO position at Home Depot is no surprise; that was reportedly the plan when he was appointed to be retail chief. The retailer has had smooth sailing in recent years under Frank Blake, who had to tame some choppy waters when he first arrived.
The move will be effective November 1, 2014.