Do-it-yourself home improvement retailer Home Depot announced Thursday (Aug. 21) Craig Menear will be succeed Frank Blake as CEO effective Nov. 1.
Menear is being promoted from his post as president of U.S. retail sales, a position he has held since February. Blake will stay on as board chairman.
Menear has worked for Home Depot since 1997 and has helped revamp its merchandising operations and supply chain as well as improving e-commerce sales growth.
Before joining Home Depot, Menear worked for Ikea and Builders Emporium.
On Tuesday (Aug. 19) Home Depot raised its earnings outlook for the year to $4.52 per share, up from its previous estimate of $4.42 per share.