Home Depot CEO Ted Decker Takes Medical Leave of Absence
Key Takeaways
- •Home Depot CEO Ted Decker, who has held the role since March 2022, is taking a temporary medical leave and is expected to return within the next few months.
- •Senior Executive Vice President Ann-Marie Campbell will oversee day-to-day operations while CFO Richard McPhail assumes responsibility for financial management and the company's Pro subsidiaries.
- •Independent lead director Greg Brenneman will serve as board chair during Decker's absence.
- •Campbell began her Home Depot career as a cashier in 1985, and McPhail has served as CFO since 2019 after joining the company in 2005.
- •No compensation changes have been made for Campbell or McPhail in connection with their expanded responsibilities during the leadership transition.
Home Depot announced on Wednesday that Chief Executive Officer Ted Decker is taking a temporary medical leave of absence.
Decker, who also serves as the company's chair and president, is expected to return "within the next few months," according to a Home Depot news release. Decker has led the largest home improvement retailer in the United States since assuming the CEO role in March 2022.
During his absence, Senior Executive Vice President Ann-Marie Campbell will oversee the retailer's day-to-day operations. Chief Financial Officer Richard McPhail will assume responsibility for Home Depot's financial management as well as its Pro subsidiaries, which serve professional contractors and have been a key growth area for the company.
Independent lead director Greg Brenneman will chair Home Depot's board of directors while Decker is on leave.
"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," 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 has held the role of senior executive vice president since November 2023. She began her career at Home Depot as a cashier in 1985, according to an SEC filing. McPhail has served as CFO since 2019 and originally joined the company in 2005.
"At this time, no changes have been made to Ms. Campbell or Mr. McPhail's compensation related to their assumption of the responsibilities of the Office of the CEO," the filing noted.
As of the end of its first quarter, Home Depot operated 2,361 retail stores and more than 1,280 SRS locations across the United States, Canada, and Mexico. The SRS locations stem from Home Depot's acquisition of SRS Distribution, completed in 2024, which expanded the company's footprint in the professional contractor market. The company employs more than 470,000 associates.
The leadership transition comes as Home Depot and other home improvement retailers navigate a housing market environment that has influenced consumer spending patterns on renovation and repair projects.
FOX Business contacted Home Depot for additional details.
