Many Wall Street analysts attempted to make sense of the dramatic sales spike and what it could mean for future investors, here is a take from CNBCs Squawk Box covering the home improvement giants quarterly results: About 45% of Home Depots total sales come from Pro customers, and according to CNBC, as the pandemic winds down, they are seeing pent-up demand for professional projects as people feel comfortable inviting contractors back into their homes. In 2018, 36% of its $2,060,500 contribution went to Democrats, while in 2016 . He's spent the vast majority of his career dealing with complex logistics, the expectations of builders and home . Craig Menear Chairman and Chief Executive Officer. Has Been Known As The Darling Of Wall Street, 7. Depot Chief Executive Officer Craig Menear and another co-founder Ken Langone, who has given . Menear actually began his career with The Home Depot in 1997, and worked his way from the bottom to the top. Home Depot said Thursday that Chief Operating Officer Ted Decker will step into the role of CEO, effective March 1. Get this delivered to your inbox, and more info about our products and services. Of Lowe's eight-person executive team, seven members including Ellison came to work at the company in 2018 or later. The American entrepreneur cannot be contacted directly via his personal details. Craig Menear and two executive VPs explain that you can use these hours as you see fit, whether now, or later (summertime beach season for me), or not at all & get paid out for them at the end of the year. The company's statement didn't give a reason for Menear's retirement. Decker began as a director of business valuation and served as executive vice president of merchandising before being named chief operating officer and president in October 2020. Richard Mcvey: age, children, first wife, height, career, profile, worth. Other prominent Trump donors on the council include Harold Hamm of Continental Resources, Paul Singer of Elliot Management, New England Patriots owner Bob Kraft, and M Crowd Restaurant owner Ray Washburne. The company has significantly boosted its operating margin by shrewdly allocating capital and keeping store expansion spending at reasonable levels. Still, amidst troubled financial waters, Blake chose to make investments in his operations by continuing to modernize their supply chain, rethinking the role technology could play in their retail strategy, and most importantly, emphasizing the tremendous impact that each hired hand in each store has on Home Depots success. Of the two, Menear is clearly the more frequent contributor to political campaigns, politicians, and his current company's PAC. Text. Palmer has also been one of Trumps most generous political donors, hosting multiple Trump fundraisers at his luxurious Los Angeles home and giving more than $10 million to the president's various fundraising vehicles, including Trumps presidential campaign, multiple Trump-aligned super PACs, and a legal defense fund set up to help pay legal bills for Trump allies caught up in Special Counsel Robert Mueller's investigation of Russian interference in the 2016 election. By DEE-ANN DURBIN January 27, 2022. Home Depot is the largest home improvement retailer in the United States. After graduating from MSU, Menear began his career at the modest, now-defunct retailer, Montgomery Ward; which was a pioneering mail order and department store retailer that operated between 1872 and 2001. For Langone, recent beneficiaries include official Republican Party offices across the United States, as well as big-name Republican members of Congress like Kevin McCarthy and Tom Cotton. In 1997, Craig joined The Home Depot, one of the largest home improvements firms in America. Menear has donated to the Home Depot Political Action Committee over the years. And when it comes to political contributions, Home Depot and Lowe's both happen to reflect the conservative tendencies of many prominent retailers. The estimated Net Worth of Craig A Menear is at least $97.7 Milion dollars as of 20 August 2021. Despite being the older company, the original movers-and-shakers of Lowe's never achieved the same high-profile or politicized status in the business world as their orange-aproned counterparts. ATLANTA, Jan. 27, 2022 - The Home Depot , the world's largest home improvement retailer, today announced that Edward "Ted" Decker has been named CEO and president, and has been elected to the company's board of directors, all effective March 1, 2022.Craig Menear, currently chairman and CEO, will continue to serve as Chair of the Board. At least 25 individuals have made substantial donations in support of Trump. When I joined the company, we were still decentralized, 75% of our goods went direct from the manufacturer to each individual store, and as the business evolved, that supply chain just didnt work anymore; it was really inefficient.. There's a video about it on MyApron and probably on loop in your break room too. Larry Page: net worth, age, children, wife, house, education, salary, profiles. You could say that Menear has had a love for home improvement instilled in his blood from a young age. Contrary to popular belief, Craig Menear has worked with various other retailers within the same genre of industry throughout his career. That growth has continued, including in the most recent fiscal quarter, even as some consumers hired home professionals in lieu of do-it-yourself projects. For some retailers, fewer in-person . Global Business and Financial News, Stock Quotes, and Market Data and Analysis. A Division of NBCUniversal. Marcus and Langone have spent millions supporting Republican and conservative causes over the years. Home Depot CEO Craig, age 63, was born in Flint, Michigan in around 1958. Top editors give you the stories you want delivered right to your inbox each weekday. Home Depot on Thursday also announced a new $15 billion share-buyback program. Despite the fact he walked away with a dreamy retirement package worth up to $210 million, his practices left Home Depot in a compromised position, particularly due to the cost cuts that were being made to reach inauthentic quarterly objectives they inadvertently wreaked havoc on the ground floor, in other words, where the customer spends their money. I am Craig Menear CEO of Home Depot hater of Lowe's Destroyer Of IKEA Harbinger of Toilets Seller of Kitchen Cabinets Master of All PVC Tubes God of Construction Hardware BOW BEFORE ME MORTALS. To a Spreadsheet or Other File Type. . For one of the co-founders, Bernie Marcus, to support a xenophobic, misogynistic, racist bigot like Donald Trump and stand by his divisive, hateful rhetoric is beyond acceptable and appalling. Craig Menear is chairman, CEO and president of The Home Depot. With over 10 years experience he's covered businesses, CEOs, and investments. The second best result is Craig Allen Menear age 40s in Valparaiso, IN. He has also served as a Chairman for the company since 2015. Garrett by trade is a personal finance freelance writer and journalist. 2. Marcus in particular has once again made headlines by vowing to support. Mr Menear, getting involved in political statements. Both have become outspoken and prolific donors to Republican causes and candidates since retiring from the retailer decades ago. In fiscal 2013, the company reached sales of $78.8 billion and earnings of $5.4 billion. Home Depot Inc on Thursday named 22-year company veteran Edward Ted Decker as its new chief executive officer and president, replacing Craig Menear, who will continue as chairman. Home Depot's vice president of corporate communications and external affairs issued a brief statement in response to questions from ABC News. Net sales increased 44 percent to $108.5 billion in the first quarter, after already increasing 38 percent to $386.1 billion during the full year of 2020. The founding team at Home Depot longtime home improvement executives Bernie Marcus and Arthur Blank, investor Ken Langone, and merchandising expert Pat Farrah. He replaces former CEO Craig Menear, who will retire as chair Sept. 30. In 2007, he was appointed executive vice president of merchandising. Menear graduated from Michigan State University College of Business with a bachelors degree back in 1979. de 1958 Flint, Mchigan, Estados Unidos: Nacionalidad: Estadounidense: He will be replacing Craig Menear, who has been . That relentless work ethic the future executive displayed must have had something to do with the rugged midwestern upbringing he experienced, after all, his father frequently battered him with the mantra, if youre going to do something, do it 110%, or dont do it at all.. While Home Depot's PAC favors Republicans, the partisan balance of its giving has grown more even with each year. Of course, its not easy working as the CEO and President of a company, but Craig Menear has surely proven himself in his role these past three years. Needless to say, Menear inherited a fairly advantageous situation when compared to the circumstances his predecessor encountered. 2. By December of 2019, The Home Depot was riding high considering online sales had been increasing about $1 billion in each of the previous six years, ultimately making them the 5th largest e-commerce operation in the United States; 50% of the time, customers were choosing to pick up their orders inside their neighborhood store a testament to the home improvement giants interconnected strategy. Home Depot founders and Republican mega-donors Ken Langone and Bernie Marcus have attracted controversy over their donations to Republican groups and politicians, including US President Donald Trump. [4] He previously worked for Builders Emporium and was a distribution manager for IKEA prior to working for Home Depot. Contribution Totals. JPMorgan upgrades Procter & Gamble, says consumer staples stock could be an earnings compounder. The home improvement retailer has gone through a period of tremendous growth during the pandemic, as nesting trends and a strong housing market collided. Mr . From the policy debates to the political fights, today's . Craig Menear (born c. 1958) is an American business executive. Transactions of nine hundred dollars or more, which represent around 20% of Home Depots sales in the United States, began stabilizing by the start of 2010. Craig is currently on the board of directors of Retail Industry Leaders Association, Atlanta Committee Progress, and 3DE by Junior of Georgia and Camp Southern Ground. Everything to know about him, De Lille reveals ANC ministers and deputies live in lavish Pretoria and Cape Town houses worth R1bn, SA awed, Mpho Wabadimo and Thema Broly allegedly split after 'BBMzansi' winner posts cryptic pictures on Instagram, Twitter men defend Zamani Mbatha amid cheating scandal after girlfriend Snikiwe Mhlongo exposed him: "Protect Zamani", Brian Williams bio: age, daughter, wife, education, career, salary, net worth. In 2018, the committee donated $1,320,320 to Republican federal candidates and $742,680 to Democratic candidates . It [the investment] will also go into our associates in forms of both wage benefits and technology to help them do their job, Menear adds in a brief chat with Bloomberg. Read more: A financial analyst breaks down the biggest differences between Home Depot and Lowe's and explains which retailer has the edge. The longtime CEO of the company has made a name for himself, and for the company, throughout the years, making it a household name in its industry (no pun intended). In the 2020 elections, he allegedly donated The Home Depot profits to former US President Donald Trump's campaign. Starting in 2018, the company began spending $1.2 billion to open about 150 supply chain facilities over five years including giant centers geared toward home professionals. Their status as retirees has not stopped outraged social media users from encouraging left-leaning shoppers to spend their cash at Lowe's instead. And is Lowe's its liberal counterpart? "Were happy to give input and ideas on the roadmap for reopening the economy, the statement reads, and were also doing this through Craigs participation with other organizations such as the Business Roundtable.". Changing the basis of, Read More 10 Things You Didnt Know about Mohit KumarContinue, What do you know about the Chief Technical Officer and co-founder of online chat platform Omegle, Leif K-Brooks? Ron DeSantis, a close ally of the president, declared "employees at a professional sports (league) and media production with a national audience" part of "essential workers" in Florida, allowing McMahon's pro-wrestling company to continue live television broadcasts from its Orlando training facility, while most businesses in Florida had been ordered to shut to help fight the spread of the coronavirus. Since then, he has become a regular donor to his alma mater throughout the years. "It's bizarre to me that there's nobody representing public health," Virginia Canter, chief ethics counsel at Washington-based advocacy group Citizens for Responsibility and Ethics in Washington, told ABC News. Craig Menear. [7], In January 2022, The Home Depot announced he would be stepping down as the CEO and President effective March 1, 2022 while continuing to serve as the chairman of the board. Following publication of this report, White House deputy press secretary Judd Deere issued a brief statement to ABC News. Access your favorite topics in a personalized feed while you're on the go. Home Depot says Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1.. Frank Blake has been Home Depot's chairman and CEO since 2007, and . He is the chairman and CEO of, The Home Depot, one of the largest home improvement firms in America. In total, ABC News identified at least 25 individuals appointed to the advisory council who have made substantial donations to his political campaigns or to outside groups supporting his presidency, raising concerns among prominent ethics watchdogs. "I have tremendous confidence that he will guide our company to new heights.". Craig Menear (born c. 1958) is an American business executive. Others in the loop would argue the contrary, that executives werent informed enough on the competition, given Lowes stellar rise; the one thing folks seem to universally agree about regarding this period in Home Depots history is its disheartening impact on all involved parties. Like other CEOs, Craig has been vocal about his political stand in the US elections. Long before he got named The Home Depot CEO, Craig Menear was born in 1958 and raised among the bustling automobile manufacturing factories of Flint Michigan, a blue-collar town that once boasted some nine General Motors (GM) plants. as well as other partner offers and accept our, A financial analyst breaks down the biggest differences between Home Depot and Lowe's and explains which retailer has the edge, Before that, he worked at Montgomery Ward and. Craig brings decades of retail experience from mass, home center, specialty and big box retailing to his role during a time when the retail landscape is rapidly changing. His father worked as a tool and die maker at General Motors. The board thanked Menear for his service with the company, and praised Decker's performance thus far as CEO. Updated April 6, 2015 6:34 pm ET. Craig Menear has created a big name for himself in the business of home improvement. Menear has donated to the Home Depot Political Action Committee over the years. Get this delivered to your inbox, and more info about our products and services. Biography of Craig Menear. Decker, 58, has risen through the ranks at Home Depot since joining the company in 2000. Even prior to the global health crisis, Home Depot was making significant investments in its supply chain and e-commerce business. Craig Menear got hired by The Home Depot in 1997 as a divisional merchandise manager for the southwest division. Its co-founder Bernie Marcus also publicly endorsed Trump urging other people to do so. He worked his way through, and in 2007 he was named the Vice President of Merchandising. But Home Depot's successunder the helm of president and CEO Craig Menearalso can be attributed to internal restructuring to improve profitability. In 2019, Marcus said he would donate a portion of his billions to the president's re-election campaign. Coca-Cola ultimately issued a carefully worded statement saying that "voting is a foundational right in America" and pledging to "work to advance voting rights and access in Georgia and . The councils seemingly crucial healthcare group, for example, is represented mainly by pharmaceutical companies like Pfizer and Johnson & Johnson and insurance companies such as Aetna and Cigna rather than public health professionals. A persistent Spartan, hed drive the aging aforementioned vehicle to and fro the college campus where he slogged his way through two years of math and statistics that didnt come easy.