Home Depot names Menear as CEO

The Home Depot announced that current CEO Frank Blake will be passing the torch to Craig Menear this fall.

Menear, who is currently serving as president U.S. retail, will take over as CEO and president as of Nov. 1, 2014. He has also been elected to the company's board of directors, effective immediately.

"Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles," said Blake. "As a long-time Home Depot veteran, Craig lives our values and embodies our culture. He'll do an outstanding job leading our company in the years ahead."

Menear has been serving in his current capacity since February, and he brings 34 years of retail experience to the table. Prior to joining the company in 1997, Menear held various merchandising positions within the retail industry with companies such as Ikea, Builders Emporium, Grace Home Centers and Montgomery Ward, as well as operating an independent retail business. He earned a bachelor of arts degree from Michigan State University’s Eli Broad College of Business. During his time with the home improvement retailer, Menear has played a pivotal role in its supply chain operations and the expansion of its online and private brand businesses, as well as marketing and global sourcing.

Blake, who has been leading the company since 2007, will remain onboard as chairman.

"On behalf of the board, I want to thank Frank for the job he has done over the last seven years," said Greg Brenneman, the board's lead director. "Among his many accomplishments, Frank has built a world-class leadership team. We are fortunate to have a leader of Craig's capabilities as our new CEO."