Craig Menear, president and chief executive officer at Home Depot, will also become chairman of the board next month in an affirmation of his leadership.
Meaner’s predecessor as CEO, Frank Blake, had remained chairman but leaves that post Feb. 2, the Atlanta-based home improvement retailer said Friday.
“On behalf of the Board of Directors, I once again want to thank Frank for his outstanding leadership and dedication to our customers, associates and shareholders,” Greg Brenneman, the board’s lead director, said in a statement. “We’re fortunate to have another great leader in Craig Menear and look forward to working closely with him moving forward.”
Menear, a 17-year Home Depot veteran, was named CEO and president in November. He has taken the reins of the company at a time when sales are improving parallel to a recovery in the housing industry and increasing consumer confidence.
But he also must repair the company’s reputation and manage dozens of lawsuits after a security breach of the company’s data system was revealed in September. The hack, which happened during spring 2014, netted thieves 56 million credit and debit card numbers. The company later said thieves also stole 53 million email addresses.
A case management hearing on many of the lawsuits was scheduled Friday in Atlanta before U.S. District Judge Thomas Thrash.
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