Billy Bastek is The Home Depot’s new executive vice president of merchandising, effective immediately, the home improvement retailer announced Wednesday.
Bastek’s new job is an internal promotion. He most recently served as senior vice president of hardlines. In that position, Bastek was responsible for merchandising and marketing strategies for the hardware and garden departments, the company said.
Before that, he was merchandising vice president of hardware and tools, where he oversaw the growth and transformation of the power tool and automotive departments in stores and online. Bastek began his career in home improvement retail over three decades ago in 1989 at Maintenance Warehouse, which later became HD Supply. Home Depot acquired that business in 1997.
In retail, the chief merchandising officer’s responsibility often includes identifying and selecting products offered for sale to consumers. The Home Depot’s announcement did not include a comment from Bastek about his new position and Retail Dive could not immediately reach him for comment Wednesday.
President and CEO Ted Decker described Bastek as an experienced leader and mentor with an innovative approach to merchandising. Bastek replaces Jeff Kinnaird, “who has decided to leave The Home Depot,” according to the announcement, which did not offer any further details regarding Kinnaird’s departure or next move.
Kinnaird joined the company nearly 30 years ago in a position in the lumber aisle. From that position, he progressed “through every role in our stores,” Decker said. Kinnaird eventually rose to lead the company’s Canadian division and later, Home Depot’s merchandising, marketing and online businesses. “Jeff has been a champion of our culture and values, and I would like to thank him for his hard work and numerous contributions across his career. I wish him well in his future endeavors,” Decker said.
Last month, the company reported sales of $157.4 billion for fiscal 2022, an increase of $6.2 billion or 4% year over year. Net earnings were $17.1 billion, compared to $16.4 billion year over year. Decker described fiscal 2022 as “another record year for The Home Depot.” The Atlanta-based company also said it would invest an additional $1 billion in annualized compensation for frontline, hourly associates starting in the first quarter of fiscal 2023.
