Key points: 

• Home Depot’s Chief Operating Officer Ted Decker will step into the CEO position on March 1.
• Outgoing CEO Craig Menear will persist in serving as chair of the board.
• The home advancement retailer has gone through a time of massive expansion during the pandemic, as nesting trends and a robust housing market crashed.

Ted Decker becomes the new CEO of Home Depot: 

Home Depot stated Thursday that Chief Operating Officer Ted Decker would step into the CEO position, practical March 1.

The retailer’s present CEO, Craig Menear, 64, will persist in serving as board chair. Menear has been at the retailer for almost 20 years and started as CEO in November 2014.

Home Depot has witnessed incredible development during the pandemic, as nesting trends and a robust housing market-inspired Americans to fund their residences or shift to more prominent places. That development has persisted, including in the most current fiscal quarter, even as some customers employed home professionals instead of do-it-yourself projects.

Now, the firm will have to confirm it can keep those deals going as Americans encounter increasing costs due to inflation and potentially divert their spending toward dining out and touring services.

Outgoing CEO Menear stated Decker, a 22-year Home Depot veteran, is the proper individual to take the helm during development.

Decker, 58, has grown through the ranks at Home Depot since entering the firm in 2000. He formerly served as a chief merchant and executive vice president of merchandising. He was elected as the president and COO in October 2020.