Home Depot CEO Ted Decker takes temporary medical leave
Home Depot expects Ted Decker to return within months as Ann-Marie Campbell and Richard McPhail split interim duties.
By Sofia Marchetti · World Affairs Correspondent
2 min read
Home Depot CEO Ted Decker is taking a temporary medical leave, the retailer said Aug. 12. Under the Home Depot CEO medical leave plan, two senior executives will divide responsibility for the office of the CEO while the company expects Decker to return within the next few months.
The company did not disclose details about Decker’s condition, according to CNBC. Home Depot described the timing of his return as an expectation, rather than setting a firm date.
Who is running Home Depot during Ted Decker’s medical leave?
Ann-Marie Campbell, a senior executive vice president, will oversee Home Depot’s day-to-day operations. Richard McPhail, the executive vice president and chief financial officer, will oversee financial management and the company’s Pro subsidiaries, Home Depot said.
Greg Brenneman, Home Depot’s independent lead director, will chair the board during the leave. The board selected Campbell and McPhail in line with Decker’s recommendation, according to the company’s announcement.
Decker remains Home Depot’s chair, president and chief executive officer. The company presented the arrangement as temporary management coverage during his absence, not a permanent change in the CEO role.
What does the interim plan mean?
The plan divides leadership responsibilities among the executives already overseeing major parts of the retailer. Campbell will handle operations, McPhail will take the finance and Pro-subsidiary remit, and Brenneman will lead the board.
Home Depot said Campbell and McPhail have worked together for more than 20 years. CNBC reported that Campbell joined Home Depot in 1985, while McPhail joined in 2005 and has served as CFO since September 2019.
The announcement came shortly before Home Depot’s scheduled fiscal second-quarter earnings report, CNBC reported. The company’s press release cautioned that statements about the length of the leave and Decker’s return are forward-looking and subject to risks and uncertainties.
Home Depot had 2,361 retail stores and more than 1,280 SRS locations at the end of its first quarter, according to company-reported figures in its release.
This story draws on original reporting from CNBC.