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. Home Depot said Thursday that Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1. Observers have cited the North Carolina-based company's financial support of minority-owned businesses and its current CEO Marvin Ellison's status as one of four Black Fortune 500 CEOs. Before making his way to The Home Depot, he worked for other independent construction retailers, and other companies (such as Ikea), where he learned the ropes in terms of online sales, marketing, and other business assets. Prior to joining The Home Depot, he worked in a variety of roles in mass, home center and specialty retailing. Little did they know, Blakes selfless leadership style would be exactly what The Home Depot needed to mend soar wounds. 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.". He worked his way through, and in 2007 he was named the Vice President of Merchandising. The Home Depot on Thursday named a veteran executive as its new CEO. 24/7 coverage of breaking news and live events. 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. Read more here! The estimated net worth of Craig A. Menear is at least $88.26 million as of December 13th, 2019. Business Insider could not identify any members of the current leadership team who donated to a specific politician while employed at Lowe's. Has Worked For More Than Just The Home Depot. Home Depot CEO Craig, age 63, was born in Flint, Michigan in around 1958. Craig Menear is chairman, CEO and president of The Home Depot. 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. } "And you do have to question whether some of these people would have been included if they weren't major financial supporters of the president and his party.". He is on the Board of Directors at Retail Industry Leaders . Ruffin has given nearly $1 million to Trump Victory, the president's joint fundraising committee with the Republican National Committee, and another $1 million to Trump's inaugural committee. Both public and private colleges are competing for a limited number of students. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. [3][9] He has also supported initiatives through Home Depot, including the Home Depot Political Action Committee and a disaster relief fund.[9][4]. Hed get a front-row seat to one of the greatest supply chain overhauls since Amazon began threatening the entire brick and mortar retail business community with speedy home delivery of goods spanning nearly every product category. Stay up to date with what you want to know. He's spent the vast majority of his career dealing with complex logistics, the expectations of builders and home . He is replaced by former executive vice president Ted Decker. 2. Craig Menear has served as president and CEO of the Home Depot since 2014 and chairman since 2015. This article about an American businessperson born in the 1950s is a stub. The company's statement didn't give a reason for Menear's retirement. } He has also served as a Chairman for the company since 2015. Mr. Decker has been the chief operating officer at the home-improvement retailer since October 2020. [4] He previously worked for Builders Emporium and was a distribution manager for IKEA prior to working for Home Depot. Home Depot's PAC has given the most money so far this year, shelling out $841,500 to Republicans and $653,500 to Democrats. Of the two, Menear is clearly the more frequent contributor to political campaigns, politicians, and his current company's PAC. However, as of 2021, he is 63 years old. Will Record Tuition Deductions Help Private Colleges? The Home Depot, Inc., often simply referred to as Home Depot, is an American multinational home improvement retail corporation that sells tools, construction products, appliances, and services, including fuel and transportation rentals. Earlier this month, a memo from the office of Florida Gov. He has also supported initiatives through Home Depot, including the Home Depot Political Action Committee and a disaster relief fund. Prior to his retirement in November 2011, Mr. Arpey served as Chief Executive Officer of AMR Corporation, a global airline holding company, and its subsidiary American Airlines, from 2003 through November 2011, immediately prior to their voluntary filing for reorganization . 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. They invested about $11 billion in the improvement of . Like other CEOs, Craig has been vocal about his political stand in the US elections. 6. We want to hear from you. JPMorgan upgrades Procter & Gamble, says consumer staples stock could be an earnings compounder. Menear has donated to the Home Depot Political Action Committee over the years. There are many companies that often make us ponder, one of which being The Home Depot, and its successful CEO, Craig Menear. Craig Menear, the company's new CEO, is a veteran merchant who lights up when discussing the capabilities of power tools. Menear was named to Trump's Great American Economic Revival advisory group for retail earlier this year Adelson did not respond to a request for comment. Details of his birthday and month are yet to be revealed. The retailer's current CEO, Craig Menear, 64, will continue to serve as chair of the board. People go: Got it. Craig Menear has created a big name for himself in the business of home improvement. Turn on desktop notifications for breaking stories about interest? The idea is to further unlock the interconnected retail vision the company began building many years ago. Home Depot forced a worker to quit after he wore a slogan supporting the Black Lives Matter movement on his apron, and it threatened to punish other employees who tried to bring . By clicking Sign up, you agree to receive marketing emails from Insider Home Depot on Thursday also announced a new $15 billion share-buyback program. Family Life. In 2021, the company had 490,600 employees and more than $151 billion in revenue. The Home Depot has become a household name in house renovations, all under the leadership of Craig. Political Action Committee, the . As the Democratic-leaning holdout of Home Depot's group of founders, Blank has given hundreds of thousands of dollars to Democrats like Hillary Clinton, Chuck Schumer, and Sam Nunn. He attended Flint Central High School. Logistics is huge, and if you step back to just twelve years ago, our business has changed pretty dramatically [since then], he explained at a 2018 Michigan leadership summit. But simply examining large donations from retired founders does not lead to a complete or accurate picture of either Home Depot or Lowe's' political leanings. Over the past year, Home Depot has consistently been hammered online over the conservative political stances of two of its founders: Bernie Marcus and Ken Langone. Executing a move that initially left some scratching their heads, the board appointed Frank Blake CEO after Nardellis departure, he had come from GE as well, and many feared a catastrophic repeat of the past seven years. Who makes the tough business decisions to keep the company prosperous and overwhelmingly popular throughout the course of its history, and in this tough society? Brian is currently a news anchor of The 11th Hour with Brian Williams. At least 25 individuals have made substantial donations in support of Trump. Home Depots stock value dropped 8% by the time Nardelli was exiled by the companys board in 2007, for comparison, during that time, Lowes shares soared some 180%. In 2016, the organization gave only 13% of its $448,750 expenditure to Democrats. He's worked at the company since 1997, steadily rising through different leadership roles before becoming CEO in 2014. In 2018, USA Today reported that Menear made $11.6 million in total compensation for his role as Home Depot's chief executive. That same day, America First Action announced a $26.6 million investment in broadcast television ad buys set to run in the fall in the battleground states, including $18 million in Florida. Contrary to popular belief, Craig Menear has worked with various other retailers within the same genre of industry throughout his career. But is Home Depot really a conservative company? listeners: [], Reply. 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? 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. including in the most recent fiscal quarter, was making significant investments in its supply chain and e-commerce business. [2] He graduated from Michigan State University's Eli Broad College of Business in 1979. According to Bizjournals, he made a total of $10,889,833 in 2019 and $13,995,092 from the year after. Home Depot has named CEO Ted Decker as the chair of the board, the company announced Thursday. He lives with his wife, and the couple also has two daughters. What are the admission requirements to study medicine at UCT 2022? During his childhood, he had a lawn care business with which he bought his first car. And so far in the 2020 election cycle, the PAC has also given $250,000 to the Congressional Black Caucus PAC and its members. Michigan State was a great economic opportunity to be able to get a great education and a great life, and I am very happy to be able to give back some of what was given to me, he divulges to the schools newspaper, having earned his bachelors degree in a fairly swift four years, with the class of 79. The pair has given $470,300 this year, with 99% of that money going to Republican candidates. Ellison, on the other hand, has never donated to the Lowe's Companies, Inc. He has been ranked 29th in the top 1000 CEOs of private and public companies. Tune into ABC at 1 p.m. "It's not entirely clear what the parameters were for deciding who is included or not included, but there do seem to be a significant number of Trump donors on this list," Brendan Fischer, a federal reforms director at watchdog group Campaign Legal Center, told ABC News. To find out, Business Insider analyzed Federal Election Commission data for Home Depot and Lowe's executives, as well as data from the Center for Responsive Politics. We just went back to some foundational statements from [founders] Bernie Marcus and Arthur Blank in terms of our company values and what we stand for. Following his brief stint with the fledgling clothing store, Ellison got named CEO of Lowes, an international home improvement retailer that is largely considered his previous employers most fervent competitor. In 2006, Home Depot brought on Office Depot logistics veteran Mark Holifield as senior vice president of Supply Chain. Connie Snyder: What do you know about Steve Ballmer wife? Recruited from General Electric, Robert Nardelli was CEO of The Home Depot between 2000 and 2007, his tenure at the home improvement giant has since been scrutinized by analysts as far-reaching as the Wharton School of Finance, where one published study argueshe brought the wrong toolbox to the job. Data is a real-time snapshot *Data is delayed at least 15 minutes. Altogether, Lowe's leadership has been less overtly political in their spending than the Home Depot executive team. In addition, he makes $10,889,800 as Chairman of the Board a Chief Executive Officer at Home Depot. He donated nothing to Democratic or liberal figures, according to the Center for Responsive Politics. 2020 Transaction Count/Amount. 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. In 2018, 36% of its $2,060,500 contribution went to Democrats, while in 2016 Democrats received 30% of an overall contribution of $1,977,250. Home Depot has named CEO Ted Decker as the chair of the board, the company announced Thursday. A Home Depot store is seen in Washington, DC, on August 18, 2020. The numbers show that home improvement retailers have set up PACs that have predominantly donated to Republican federal candidates, like most large retailers.