The Home Depot CEO Ted Decker is taking a medical leave of absence, which is expected to last a few months.
As a result, the company’s board approved Decker’s recommendations for temporary leadership overseeing the operations of the office of the CEO. Ann-Marie Campbell, senior executive vice president, will lead day-to-day operations, while CFO Richard McPhail will oversee the company’s financial management and Pro subsidiaries, according to a Wednesday filing with the U.S. Securities and Exchange Commission. Greg Brenneman, independent lead director, will also become chairman of the board during Decker’s absence.
“Both Ann-Marie and Richard are strong, seasoned executives who have worked together for more than 20 years," Brenneman said in a statement. "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."
Campbell began her tenure with the company in 1985 as a cashier. She has held a number of leadership roles since then, including division president of the Southern division and executive vice president of U.S. stores and international operations.
McPhail has served as Home Depot’s CFO since 2019 and previously held roles including senior vice president of finance and senior vice president of finance control and administration.
Neither Campbell’s nor McPhail’s compensation will change as a result of temporarily taking on the responsibilities of the CEO, per the filing.
The announcement comes about two weeks after the home improvement retailer reshuffled its tech team as it works to accelerate innovation and take more market share. As part of those changes, the store, supply chain and Pro product teams are now under the direction of Chief Technology Officer Fran Bell. The changes are intended to support the company’s growth strategy.
Home Depot reports second quarter earnings results on Tuesday.
