By DEE-ANN DURBIN, AP Business Writer
The Home Depot on Thursday named a veteran executive as its new CEO.
Edward “Ted” Decker, who has served as Home Depot’s chief operating officer since October 2020, will become president and CEO on March 1. Current Chairman and CEO Craig Menear will continue to serve as the company’s board chairman.
Decker, 58, joined Atlanta-based Home Depot in 2000. He has held roles in finance, business development and merchandising.
“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,” Menear, 64, said in a statement. “I have tremendous confidence that he will guide our company to new heights.”
Home Depot’s sales surged in 2020 as the pandemic kept people indoors and itching to do home improvement projects. More recently, sales have been boosted by the strong housing market.
Home Depot reported sales of $115 billion in the first three quarters of 2021, up 15.6% from the prior year. The company operates 2,317 stores in the U.S., Canada and Mexico.
Home Depot shares were flat in after-market trading.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.