The Home Depot has announced that its chair, president, and CEO, Ted Decker is set to take a temporary medical leave of absence effective immediately.
Decker is expected to return to his position within the next few months according to the business.
The home improvement retailer’s board of directors has chosen two long-term executives to manage the operations of the office during the CEO’s absence.
Ann-Marie Campbell, senior EVP, is set to oversee Home Depot’s daily operations, while Richard McPhail, EVP and CFO, will lead the company’s financial management and Pro subsidiaries.
Meanwhile, the independent lead director, Greg Brenneman, will take on the role of chair of the board during Decker’s leave.
Brenneman said: “The Home Depot has the best management team in retail. Both Ann-Marie and Richard are strong, seasoned executives who have worked together for more than 20 years.
“We are confident in Ann-Marie’s and Richard’s ability to lead the company during this time, and we look forward to Ted’s return.”
This comes after Home Dept strong first-quarter sales in May as demand is seasonal and professional contractor categories helped offset ongoing pressure from cautious consumer spending.
The retailer posted a net income of $3.29bn for the quarter ended on 3 May, down from $3.43bn in the year prior. Adjusted earnings were ahead of analyst expectations of $3.41 at $3.43 per share.
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