Home Depot Inc., the biggest home improvement retailer in the world, revealed in an official statement that it has named Craig Menear to succeed Frank Blake as Chief Executive Officer, in effect November 1, while Blake will remain chairman.
“It won’t be a difficult transition. Because of the knowledge [Menear] has accumulated with his time at the firm, he’s well positioned to take over the role,” Jaime Katz, analyst at Morningstar, said for Bloomberg. “They’re going with someone who has grown up with the business.”
Blake has set the bar for is successor very high, more than doubling Home Depots share price in the eight years with the helm.
The Atlanta-based company was under increasing pressure from its smaller home improvement retail rival Lowes Cos, Katz said, and Home Depot could have been surpassed by Lowes in terms of market share, was it not for the prudent management of Blake.
Menear is himself a veteran with 34 years of experience in retail business. He has been working at Home Depot since 1997 and has been a Executive Vice President of merchandising since 2003. He was named president of the company in February, paving his way for the top job.
“We need to transform Home Depot to allow customers to shop when, where and how they want to,” Menear said in April.
The news comes days after Home Depot and Lowes reported quarterly earnings, revealing robust growth after a relatively upbeat spring season.
Home Depot Inc. was 0.44% up to close at $91.15 per share yesterday, marking a one-year change of +23.63% and valuing the company $124.66bn. According to CNN Money, the 26 analysts offering 12-month price forecasts for Home Depot Inc, have a median target of $95.00, with a high estimate of $104.00 and a low estimate of $75.00. The median estimate represents a +4.22% increase from the last price of $91.15.
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