Boston, MA 08/26/2014 (wallstreetpr) – Craig Menear has been appointed’ as The Home Depot, Inc.(NYSE:HD) new CEO, taking over from current CEO and chairman, Frank Blake, who will remain as the company’s chairman starting November 1, 2014 according to a report on Zacks.
Menear Takes Seat on the Board
Menear will take his seat in the company’s board with immediate effect awaiting November 1 to take over reigns as the CEO. Blake steps down after seven years at the helm having initiated a number of programs that have steered Home Depot, Inc. (NYSE:HD) towards growth as well as navigating through hard times especially during the economic crisis of 2008.
Blake’s customer oriented approach, and success will see him hold reigns on the company’s planning department until 2015 where he is set to hand over to his successor. Menear rises to the helm having spearheaded with success Home depot supply chain networks. During his tenure, Home Depot, Inc. (NYSE:HD) has enjoyed relative success especially in terms of growth on the online business and international sourcing.
Menear Appointed on Vision and Performance
Leadership qualities and a clear understanding of the company’s values and culture played a significant role in the appointment of Menear as home Depot next CEO. Home Depot, Inc. (NYSE:HD)’s board believes that Menear vision and leadership qualities will be enough in taking Home Depot to greater new heights
Despite emergence of immense pressure from competitors such as Lowe’s Companies, Inc. (NYSE:LOW), Home Depot posted impressive second-quarter earnings that beat consensus estimates. Home Depot, Inc. (NYSE:HD) posted earnings per share of $1.52 against estimates of $1.44. The company’s sales have also enjoyed an upward trend in the recent past seen by an increase of 5.7% in Q2, coming in at $23,811 million compared to $22,522 million reported for the same quarter a year ago
An impressive run in the market prompted Home Depot, Inc. (NYSE:HD) to raise its full year outlook from an initial guidance of $4.42 to $4.52 earnings per share.