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Home Depot names new CEO

Craig Menear to take reins on November 1

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The nation’s largest home improvement store is set to have leadership. Craig Menear will become chief executive officer of Home Depot (HD) on November 1, when current chairman and CEO Frank Blake steps down from his post as CEO.

Blake, Home Depot’s CEO and chairman since 2007, will continue as chairman.

Menear, who has been with the company since 1997, is currently Home Depot’s president of U.S. retail. He has been in that position since February 2014.

Menear was also elected to the company’s board.

"Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles," Blake said in a release. "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."

Home Depot’s board said that it was appreciative of the work that Blake has done in his time as the company’s leader.

"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."

The retailer posted strong second-quarter results, besting Wall Street estimates with revenue of $23.8 billion.

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