Home Depot announced that Chief Executive Officer Ted Decker would be stepping back from his duties for a temporary medical leave spanning several months, according to a statement released by the company on Wednesday. The retailer did not disclose specific details regarding the nature of Decker’s medical situation.
To manage the company’s operations during this period, Home Depot designated two senior executives to share leadership responsibilities. Ann-Marie Campbell, who holds the position of senior executive vice president of U.S. stores and operations, will assume oversight of the company’s day-to-day business activities. Richard McPhail, the chief financial officer, will direct financial operations and manage the Pro business segment. Additionally, Greg Brenneman, the board’s lead independent director, will assume the role of board chair during Decker’s absence. The company indicated that all appointments were made in consultation with Decker’s input.
Campbell has maintained a long tenure with the retailer, having joined Home Depot in 1985 as a cashier and progressing through various roles to reach her current executive position at age 61. McPhail, 56, has served as CFO since September 2019 and initially joined the company in 2005. According to securities filings, neither executive will receive additional compensation for their expanded responsibilities during this transitional period.
Breneman, speaking on behalf of the board, expressed confidence in the leadership capabilities of both executives, noting their combined experience and collaborative working relationship spanning more than two decades. The timing of this announcement comes roughly a week before the company is scheduled to report its fiscal second-quarter financial results on Tuesday.
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