Home Depot CEO going on temporary medical absence, company says

COBB COUNTY, Ga. – Home Depot CEO Ted Decker is taking a temporary medical leave of absence from the Cobb County retail headquarters, according to a company announcement on Wednesday.

What we know:

Home Depot confirmed Wednesday that 63-year-old Decker is taking a temporary medical leave of absence. 

The board of directors selected two veteran company leaders to manage top-level duties in his absence.

Senior Executive Vice President Ann-Marie Campbell will manage daily store and retail operations. 

Executive Vice President and CFO Richard McPhail will handle financial management alongside the company’s pro business divisions, the company said. 

“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,” Lead Director Greg Brenneman said in a statement. Brenneman will lead board meetings while Decker is away.

“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,” Brenneman added. 

According to financial magazine Barron’s, shares dropped 2.35% after Home Depot announced Decker’s temporary absence. However, Barron’s also reports that Lowe’s stock has dropped 2.6%.

What we don’t know:

Company officials have not publicly disclosed the specific medical condition requiring Decker’s temporary absence.

Retail representatives have also not provided an exact date for his return, though the board expects him back within a few months.