Ted Decker will become the CEO of Home Depot on March 1.
Craig Menear will continue to serve as chair of the board. Menear has been at the retailer for more than 20 years.
Home Depot has seen a lot of growth due to a strong housing market and the fact that Americans are moving to bigger places. Even as some consumers hired home professionals in lieu of do-it-yourself projects, the growth continued.
As Americans face rising prices due to inflation, the company will have to prove it can keep those sales going.
Outgoing CEO Menear said that Home Depot's next leader is the right person to take the helm during a period of growth.
Since joining Home Depot in 2000, Decker has risen through the ranks. He was the executive vice president of merchandising. He became president and COO in October 2020.
Menear said in a news release that he has tremendous confidence that he will blend the art and science of retail in the next phase of growth for The Home Depot.
Home Depot made significant investments in its supply chain prior to the global health crisis.
The company began opening about 150 supply chain facilities over the next five years, including giant centers for home professionals. Same-day and next-day delivery was added to the company's distribution network in order to serve the majority of the U.S. population.
Home Depot shares are up about 30% over the past year.
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