Frank Blake, who stabilized and then strengthened Home Depot after the tumultuous tenure of his predecessor, is stepping down Nov. 1 after seven years as CEO of the world’s largest home-improvement retailer.
The new CEO will be Craig Menear, Atlanta-based Home Depot announced Thursday after the stock market closed. Menear, 57, has been president of the company’s U.S. retail operations since February, establishing him as Blake’s likely successor, and is a 34-year retail veteran.
Blake will remain chairman of the board.
Blake, 65, is credited with steering Home Depot, Georgia’s biggest company by revenue, through the housing bust by refocusing the company on its core retail business. He shed the company’s wholesale businesses, championed by his predecessor Bob Nardelli, which became a drag on the company’s financial performance as developers and builders went out of business.
Blake made other tough calls, including ending the company’s unsuccessful experiment in the Chinese market and laying off thousands of workers when sales and earnings flagged. Even through that, however, he is credited with restoring morale among many of the 300,000-plus employees who Nardelli had alienated.
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