Craig Menear (born c. 1958) is an American business executive. Prior to joining The Home Depot, he worked in a variety of roles in mass, home center and specialty retailing. [3][9] He has also supported initiatives through Home Depot, including the Home Depot Political Action Committee and a disaster relief fund.[9][4]. Dealing a further blow to internal morale, he also increased the number of less knowledgeable part-time workers at Home Depots stores, which left full-time employees fuming and led to a diminishment of customer service, one of the companys strengths, recounted Barry Henderson, an equities expert at T. Rowe Price. 2023 CNBC LLC. . Craig brings decades of product, supply chain, online and marketing expertise to his role during a time when the retail landscape is rapidly changing. Shares of the company were effectively flat after hours. The pair has given $470,300 this year, with 99% of that money going to Republican candidates. He is on the Board of Directors at Retail Industry Leaders . "As a 22-year associate of The Home Depot, Ted . Craig Menear (born c. 1958) is an American business executive. Now, the company will have to prove it can keep those sales going as Americans face rising prices due to inflation and potentially shift their spending toward services such as dining out and traveling. In the 2020 elections, he allegedly donated The Home Depot profits to former US President Donald Trump's campaign. Briefly.co.za recently published an article about Brian Williams' biography. Craig Menear: Home Depot Up until about 2013, Home Depot was an excellent place to drive over and grab what you needed for your special project. Decker, 58, has risen through the ranks at Home Depot since joining the company in 2000. 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. The idea is to further unlock the interconnected retail vision the company began building many years ago. Fostering his own entrepreneurial spirit, as a kid, he set up a neighborhood lawn care business that triumphantly led to him purchasing his first car with personal savings. Clearly, he knows his way around technical issues with computers, but there has to be more to, Read More 10 Things You Didnt Know about Leif K-BrooksContinue. 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. After passing, he joined Michigan State University, Eli College of Business, where he graduated with a Bachelor of Arts Degree in 1979. [2] He graduated from Michigan State University's Eli Broad College of Business in 1979. Youve always got to be aware of what youre competing against but weve learned this the hard way, laments Menear. In fiscal 2013, the company reached sales of $78.8 billion and earnings of $5.4 billion. Home Depot has seen tremendous growth during the pandemic, as nesting trends and a strong housing market inspired Americans to invest in their homes or move to bigger places. In 2018, the committee donated $1,320,320 to Republican federal candidates and $742,680 to Democratic candidates . Earlier this month, a memo from the office of Florida Gov. By DEE-ANN DURBIN January 27, 2022. listeners: [], On Sundays, the Fortune 500 corporations new chief executive hand-wrote thank-you cards to employees, a meaningful gesture he learned from President George H. W. Bush while serving as deputy general counsel from 1981-1983, during his vice presidency years. 2. 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. "As a long-time Home Depot veteran, Craig lives our . During Blakes tenure, Home Depots stock rose more than 100%, by the end, they were operating the worlds largest home improvement specialty retailer, with 2,265 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, and Mexico. Got a confidential news tip? As Craig Menear put it: that was a significant improvement compared to double-digit declines in previous quarters in 2009. He attributed the improvement to consumers snapping up values in Home Depots appliances, water heaters, and windows categories. 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. Decker took over as CEO in March, when Menear stepped down from that role. In 2018, the committee donated $1,320,320 to Republican federal candidates and $742,680 to Democratic candidates, according to the Center for Open Politics. Craig Menear resides near The Home Depot headquarters, which are located in Atlanta, Georgia. Decker took over as CEO in March, when Menear stepped down from that role. They outrank your supervisor. If you enjoyed this story on the life of Home Depot CEO Craig Menear, be sure to check out our biography of Lowes CEO Marvin Ellison! A Home Depot store is seen in Washington, DC, on August 18, 2020. Craig may not officially change The Home Depot's signature orange color, but his allegiance to the green and white is as strong as ever. Craig Menear in Washington | Photos | Reviews | 18 building permits. Contribution Totals. He lives with his wife, and the couple also has two daughters. In fact, the CEO is considered a multi-millionaire, making roughly around $11 million annually (with increases each year). 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. The Home Depot, Inc. (NYSE:NYSE:HD) Alliance Bernstein 37th Annual Strategic Decisions Conference June 3, 2021 1:30 PM ETCompany ParticipantsCraig Menear - Chairman and Chief Executive. He worked his way through, and in 2007 he was named the Vice President of Merchandising. We need to transform Home Depot to allow customers to shop when, where, and how they want to, Menear said in a 2014 interview at the companys Atlanta headquarters. Craig Menear has created a big name for himself in the business of home improvement. Craig Menear is chairman, CEO and president of The Home Depot. In their personal contributions, Home Depot executives have favored many of the same conservative politicians as Menear, although a number of figures from the company's leadership team have supported liberal politicians like Hillary Clinton. The estimated Net Worth of Craig A Menear is at least $101 Milion dollars as of 20 August 2021. They have also lived in Monrovia, CA and Kingston, TN. Home Depot Inc. Follow Craig Menear on LinkedIn to get to know them better. He has been ranked 29th in the top 1000 CEOs of private and public companies. However, he could be reached through his work contacts. These innovations had an immensely positive role on Menears merchandising side of things; think smoother stocking of inventory and more cost-effective operating expenses, which tends to create wiggle room for competitively priced products. Contrary to popular belief, Craig Menear has worked with various other retailers within the same genre of industry throughout his career. He's spent the vast majority of his career dealing with complex logistics, the expectations of builders and home . We will stand up and speak up, hitting Home . 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? The culture was always here, he retrospectively told Institutional Investor in a 2011 interview. Through his knowledge of restructuring the company for ultimate profitability, the company has exceeded many expectations, and should continue to do so throughout the coming years as well. Spielberg is a legend, Read More The 10 Highest Grossing Films Directed by Steven SpielbergContinue, What do you know about Mohit Kumar, the CEO of Ultrahuman? ); After graduating from MSU, Menear began his career at the modest, now-defunct retailer, Montgomery Ward; which was a pioneering mail order and department store retailer that operated between 1872 and 2001. "Craig Menear's Home Depot: The Darling Of Wall Street", "Craig Menear, Flint native, named Home Depot CEO", "Inside the career of Home Depot CEO Craig Menear, who spent nearly 20 years working his way up the ladder", "Company Overview of The Home Depot, Inc.: Craig A. Menear", "Home Depot nails 2016 but CEO's pay drops slightly, to $11.5 million", "Why Home Depot CEO Craig Menear Is The Retailer Of The Year", https://en.wikipedia.org/w/index.php?title=Craig_Menear&oldid=1107007407, This page was last edited on 27 August 2022, at 16:50. For one of the co-founders, Bernie Marcus, to support a xenophobic, misogynistic, racist bigot like Donald Trump and stand by his divisive, hateful rhetoric is beyond acceptable and appalling. And when it comes to political contributions, Home Depot and Lowe's both happen to reflect the conservative tendencies of many prominent retailers. Many Wall Street analysts attempted to make sense of the dramatic sales spike and what it could mean for future investors, here is a take from CNBCs Squawk Box covering the home improvement giants quarterly results: About 45% of Home Depots total sales come from Pro customers, and according to CNBC, as the pandemic winds down, they are seeing pent-up demand for professional projects as people feel comfortable inviting contractors back into their homes. Check your inbox to be the first to know the hottest news. Lowe's has given $376,000 to Republicans and $164,500 to Democrats thus far. You are already subscribed to our newsletter! Tune into ABC at 1 p.m. Its co-founder Bernie Marcus also publicly endorsed Trump urging other people to do so. Has Been Known As The Darling Of Wall Street, 7. The company currently has around 2200 stores and 400,000 associates. He replaces former CEO Craig Menear, who will retire as chair Sept. 30. Edward "Ted" Decker, who has served as Home Depot's chief operating officer since October 2020, will become president and CEO on March 1. 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. In 2016, the organization gave only 13% of its $448,750 expenditure to Democrats. (function() { As of 14 November 2018, the estimated net worth of Craig Menear was more than $85.1 Million. Starting in 2019, a Nevada voter named Patrick Farrah is listed by the FEC as having donated thousands toward Republican candidates like Lindsey Graham, Mitch McConnell, Kevin McCarthy, and Duncan Hunter, as well as the PAC Bikers for the President. He has also served as a Chairman for the company since 2015. We want to hear from you. 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. [1][2] His father worked as a tool and die maker for General Motors. That makes a difference, believes Frank Blake. Ethics experts say it is certainly not the first time political donors have netted advisory posts. Since then, he has become a regular donor to his alma mater throughout the years. When introducing her boss at Monday's Rotary Club of Atlanta, the Home Depot's Kelly Barrett admitted that she was a little worried when Craig Menear became CEO following Frank Blake in November . Has Worked For More Than Just The Home Depot. World Wrestling Entertainment Vince McMahon, the husband of major Trump donor and fundraiser Linda McMahon, is also listed as a member under the sports group. As political donors, current Home Depot CEO Craig Menear and Lowe's CEO Marvin Ellison diverge in a number of key ways. Since public colleges are supported by the taxes of the people who live in the local regions, the tuition for public colleges, Read More Will Record Tuition Deductions Help Private Colleges?Continue, Joe Bob Perkins is the CEO of Targa Resources. The councils seemingly crucial healthcare group, for example, is represented mainly by pharmaceutical companies like Pfizer and Johnson & Johnson and insurance companies such as Aetna and Cigna rather than public health professionals. "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.". Its worth noting that while board room deliberations ensued regarding Blakes successor, the companys head of U.S. stores, Marvin Ellison and CFO Carol Tome were also potential contenders for the top spot. Mr. Decker has been the chief operating officer at the home-improvement retailer since October 2020. When I joined the company, we were still decentralized, 75% of our goods went direct from the manufacturer to each individual store, and as the business evolved, that supply chain just didnt work anymore; it was really inefficient.. He replaces former CEO Craig Menear, who will retire as chair Sept. 30. Home Depot co-founder Bernie Marcus, who retired more than 20 years ago but has given $7 million to super PACs supporting Trump, is listed in the councils retail group alongside Home Depot Chief Executive Officer Craig Menear and another co-founder Ken Langone, who has given $2,700 to the Trump campaign, the maximum an individual can give to a campaign per election. But how did he come to run the company in the first place? Data is a real-time snapshot *Data is delayed at least 15 minutes. Home Depot CEO Craig, age 63, was born in Flint, Michigan in around 1958. In 2017, Michigan State University honoured him with the Distinguished Alumni Awards for his accomplishments in business and his commitment to philanthropic activities. I know what that felt like. If you take care of your associates and take care of your customers, everything else takes care of itself., On August 21st of 2014, The Home Depot announced that Craig Menear, then president of U.S. retail, was named CEO and president, effective November 1, 2014. In 2020, the Center for Responsive Politics listed the investor and his wife Elaine as two of the top hard money individual contributors. Decker, who has . . In 2018, the committee donated $1,320,320 to Republican federal candidates and $742,680 to Democratic candidates . He attended the local high school in his area before expanding his horizons after college, and learning the ropes of his now popular industry. Current Chairman and CEO Craig Menear will continue to serve as the company's board chairman. from 1999 to present. However, these actions were met with backlash from the public. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Others Named Craig Menear. In 2016, he received $11.5 million. In 2007, he gained the title of Vice President of Merchandising for the company, which led to his becoming CEO in the fall of 2014. A Home Depot spokesperson told Business Insider that the business, as a "long-standing" company policy, does not "endorse or contribute to presidential candidates.". 10 Things You Didnt Know about Targa Resources CEO Joe Bob Perkins, The Top Five Fast Food Franchises of 2017, The 10 Highest Grossing Films Directed by Steven Spielberg, 10 Things You Didnt Know about Mohit Kumar, 10 Things You Didnt Know about Leif K-Brooks, How Ali Wong Achieved a Net Worth of $3 Million, Eight Reasons to go to French Polynesias Marquesas Islands, How Lisa Rinna Achieved a Net Worth of $10 Million, 20 Cities with The Worst Weather in Europe. Mr. Craig A. Menear is a Chairman & Chief Executive Officer at The Home Depot, Inc. and a Chairman at The Home Depot Foundation. With over 10 years experience he's covered businesses, CEOs, and investments. He also explained that Dawn had been a great source of support throughout his career. He lives with his wife, and the couple also has two daughters. Learn more about the background of Craig Menear, the highly respected CEO of The Home Depot and his perspective on leadership and the future of business in a. In 2018, the committee donated $1,320,320 to Republican federal candidates and $742,680 to . With this being said, his executive staff has dedicated a lot of time, energy, and effort to making sure they are clearly communicating their approach, strategy, and how each team member has a profound impact on achieving The Home Depots outlined goals. For Menear, one of his most important tasks when taking over as CEO was keeping the company customer centered while also keeping up with the advancing technology that has taken over our society. But Home Depot's successunder the helm of president and CEO Craig Menearalso can be attributed to internal restructuring to improve profitability. Read more: A financial analyst breaks down the biggest differences between Home Depot and Lowe's and explains which retailer has the edge. Lets get started. It became apparent this rebuild was reaching for the long-term as the great recession took hold, plunging the companys net income to $756 million in the three months ended Nov. 2, 2008, down 30.7% from $1.1 billion in the same period a year before. Political Action Committee, the . From 2015 to 2019, CVS Health gave over $31 million to political non-profits, Intel gave $18 million, Anthem Blue Cross Blue Shield health insurance $16 million, Dow $16 million, AT&T $9 million, and Microsoft $6 million. Everything to know about him, De Lille reveals ANC ministers and deputies live in lavish Pretoria and Cape Town houses worth R1bn, SA awed, Mpho Wabadimo and Thema Broly allegedly split after 'BBMzansi' winner posts cryptic pictures on Instagram, Twitter men defend Zamani Mbatha amid cheating scandal after girlfriend Snikiwe Mhlongo exposed him: "Protect Zamani", Brian Williams bio: age, daughter, wife, education, career, salary, net worth. Menear was born c.1958 in Flint, Michigan. Craig Menear (born c.1958) is an American business executive. In 2018, the committee donated $1,320,320 to Republican federal candidates and $742,680 to Democratic candidates . The show airs every weeknight at 11 pm Eastern Time on MSNBC. Home Depot Inc. said Craig Menear, who took over as chief executive in November, received total compensation last year that was valued at $10.2 million. His skills can be looked up to and learned from. The announcement comes two days after Home Depot's second-quarter earnings report, which reflected strong performance even as consumers grappled with high inflation. Mr. Arpey has been a partner in Emerald Creek Group, LLC, a private equity firm based in Southern California, since 2012. You can find out more information about Menear and the work he has put into The Home Depot online. President Trump's 'opening the country' council features several political donors and supporters . In 2006, Home Depot brought on Office Depot logistics veteran Mark Holifield as senior vice president of Supply Chain. Palmer has also been one of Trumps most generous political donors, hosting multiple Trump fundraisers at his luxurious Los Angeles home and giving more than $10 million to the president's various fundraising vehicles, including Trumps presidential campaign, multiple Trump-aligned super PACs, and a legal defense fund set up to help pay legal bills for Trump allies caught up in Special Counsel Robert Mueller's investigation of Russian interference in the 2016 election. That makes up around 9% of the PAC's current cycle to-date disbursements. He has made the occasional one-off donation to other, largely Republican, candidates and campaigns, including now-Sen. Mitt Romney's presidential run, Jeb Bush, and David Perdue. He's worked at the company since 1997, steadily rising through different leadership roles before becoming CEO in 2014. The two youthful love birds were dating by junior high, eventually graduated hand in hand from Central High School, and forever sealing their vintage Americana status as high school sweethearts, got married during the mid-80s; over three decades later, they are still going strong! Still, amidst troubled financial waters, Blake chose to make investments in his operations by continuing to modernize their supply chain, rethinking the role technology could play in their retail strategy, and most importantly, emphasizing the tremendous impact that each hired hand in each store has on Home Depots success. Family Life. Robert N. Fried: age, children, spouse, movies, house, profiles, net worth. Outgoing CEO Craig Menear will continue to serve as chair of the board. Photo by Patrick James Miller for Fortune The breach was, unquestionably . 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. Craig Menear, who was tabbed CEO in November 2014, will continue as the company's chairman. Want to connect with other businesses in the Latino community? A persistent Spartan, hed drive the aging aforementioned vehicle to and fro the college campus where he slogged his way through two years of math and statistics that didnt come easy. Go create a customer-focused culture in a company of 300,000 people, that would have been pretty difficult. Stephen Schwarzman, CEO of the asset management group Blackstone, will join the council's financial services and real estate groups. In January 2022, The Home Depot announced that he would step . Craig Menear has served as president and CEO of the Home Depot since 2014 and chairman since 2015. } We want to hear from you. Retail, among the industries hit hardest by the pandemic, received significant representation. He isnt necessarily the prototypical hotshot CEO we all imagine in our heads when thinking of somebody who has experienced his degree of success or that wields so much economic power, as a matter of fact, hes humble, soft-spoken, and were you to encounter him on the street, theres probably no way youd know he leads an army of 300,000 ready to help associates spread across the North American continent. Menear has donated to the Home Depot Political Action Committee over the years. When Craig Menear started looking for work after college, he wasn't really interested in retail, and he certainly did not imagine one day running the world's largest home improvement retailer. Craig Menear, the company's new CEO, is a veteran merchant who lights up when discussing the capabilities of power tools. However he does like to take on other topics involving some of his personal interests like automobiles, future technologies, and anything else that could change the world. Visit lattitude.net now! From the policy debates to the political fights, today's . Home Depot has named CEO Ted Decker as the chair of the board, the company announced Thursday. Craig Menear - Chairman, Chief Executive Officer and President. He will be replacing Craig Menear, who has been . Brian is currently a news anchor of The 11th Hour with Brian Williams. Find contact details for 700 million professionals. Answer (1 of 47): I have stopped shopping at Home Depot and I greatly regret the many tens of thousands of dollars I have spent there in the past. Home Depot's vice president of corporate communications and external affairs issued a brief statement in response to questions from ABC News. Craig was named CEO and president in November 2014 and chairman in February 2015. 2016 Election Cycle. Corporations have also been active political spenders at the state level. The question, ethics experts said, is whose interests are best represented and how they earned a proverbial seat at the table. Palmer's real estate firm G.H. In more than 20 years with the company prior to becoming CEO, his work included merchandising, supply chain, store operations, and marketing. I remember that. Here's a look into Menear's life and career: Source: San Diego Tribune, USA Today, Forbes, Source: Federal Election Committee, CNBC, The Center for Responsive Politics. Sign up for free newsletters and get more CNBC delivered to your inbox. On 1 June 2016, Home Depot co-founder Bernie Marcus published an essay on the web site Real Clear Politics in which he announced that he was endorsing GOP candidate Donald Trump for President of . Decker began as a director of business valuation and served as executive vice president of merchandising before being named chief operating officer and president in October 2020. Depot Chief Executive Officer Craig Menear and another co-founder Ken Langone, who has given . Over the course of 11 years, the ex-Home Depot executive gave the Atlanta-based chain's namesake PAC a total of $8,100. Sign up for notifications from Insider! He is replaced by former executive vice president Ted Decker. In November 2014, he became the SEO of the company and has served as its chairman since February 2015. Craig Menear. Select this result to view Craig Albert Menear's phone number, address, and more. The company has significantly boosted its operating margin by shrewdly allocating capital and keeping store expansion spending at reasonable levels. Home Depots same-store sales in the U.S., which includes sales online and at stores open for at least 12 months, grew 24.6% in the pandemics first quarter. Menear graduated from Michigan State University College of Business with a bachelors degree back in 1979. Under his leadership, the company continues to give quality services in supplying tools, construction products. Steve Ballmer: age, children, wife, house, yacht, profiles, net worth in billions, Get the news that matters from one of the leading news sites in South Africa, Mlungu woman nails pantsula dance moves with Converse All Stars in the township, Creative lady transforms shack into beautiful home, shows off incredible style, 6-year-old girl fighting for her life following pit bull attack, doctors say she got 1000 stitches, SA woman with "shwapa" performs Bhebha dance challenge, people praise confident woman in TikTok video, Details into the life of Samantha Speno, Randy Orton's ex-wife. For starters, seasoned associates at the company were less than thrilled to watch him oust long-time, trusted executives and replace them with outsider GE alumni. event : evt, Hell do an outstanding job leading our company in the years ahead.. Author: Lois Furry. 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. This article about an American businessperson born in the 1950s is a stub. 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. Marcus in particular has once again made headlines by vowing to support. "You need to have public health professionals, you need somebody who represents the grocery workers, somebody who represents hospitality workers, and so on.". 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. Craig brings decades of retail experience from mass, home center, specialty and big box retailing to his role during a time when the retail landscape is rapidly changing. Outgoing CEO Menear said Decker, a 22-year Home Depot veteran, is the right person to take the helm during a period of growth. 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