The Home Depot, Inc. (NYSE:HD) announced Thursday that its current CEO, Frank Blake, will step down on November 1. He will be replaced by Craig Menear, the company’s current U.S. retail president. CNBC’s “Squawk on the Street” program team discussed the recent changes at Home Depot in a program. Sara Eisen said that Frank Blake is leaving his position during a time when the company is performing exceptionally well in the market. CNBC’s David Faber mentioned that this is an unexpected and difficult transition, but it’s important to note that Blake will continue as the Chairman of The Home Depot, Inc. (NYSE:HD). An excerpt from an interview with Menear was also shown in the program in which the upcoming CEO said that there is a lot of opportunities for the company in the coming days.
“The future I think is incredibly bright for the Home Depot, we look at the interconnected retail world as a growth opportunity for us. If you think about 2013, our company grew $5 billion in total, and about $900 million of that came through homedepot.com and our interconnected retail opportunities and I think as you look forward in the future, that’s really an enormous opportunity for the The Home Depot, Inc. (NYSE:HD) and its shareholders,” said Menear.
Menear has worked in multifarious domains of The Home Depot, Inc. (NYSE:HD), including global sourcing, vendor management, merchandizing and digital management. The vast set of skills and industry insight will equip Menear to lead from the front in the company and craft a new digital marketing strategy for the company, which is going to be the key in the coming years.
The Home Depot, Inc. (NYSE:HD) recently reported its quarterly earnings and beat all the estimates. The company reported a net income of $2.1 billion in the second quarter. Revenue went up by 5.7% to $23.81 billion, up from $22.52 billion a year ago. In the tenure of Frank Blake, Home Depot’s stock rose more than 100%.
Blake will remain as the Chairman of The Home Depot, Inc. (NYSE:HD). Craig Menear will join the board of directors immediately.
Billionaire investor Jim Simons of Renaissance Technologies is one of the top shareholders of The Home Depot, Inc. (NYSE:HD), having approximately 3.09 million shares of the company.