Home Depot CEO Decker Takes Medical Leave as Shares Slide

Home Depot CEO Ted Decker has taken a temporary medical leave of absence, effective immediately. The company announced that Decker will be stepping down for a few months, but did not provide any details about his condition.

The news sent Home Depot's shares plummeting by 2.5% in early trading on Wednesday, just six days before the company's fiscal second-quarter earnings report. The stock has been struggling over the past year, shedding around 14% and sitting below its 52-week high of $426.75.

In Decker's absence, Ann-Marie Campbell and Richard McPhail will share his responsibilities. Campbell, senior executive vice president of U.S. stores and operations, will oversee day-to-day operations, while McPhail, executive vice president and chief financial officer, will handle financial management and the company's Pro subsidiaries.

Greg Brenneman, the board's independent lead director, said in a statement that he is confident in Campbell's and McPhail's ability to lead the company during this time. 'The Home Depot has the best management team in retail,' Brenneman said. 'Both Ann-Marie and Richard are strong, seasoned executives who have worked together for more than 20 years.'

The leadership transition comes at a sensitive moment for the company, which is set to report its fiscal second-quarter results on August 18. Analysts expect Home Depot to report earnings per share of $4.73 for the July quarter, up from $4.68 a year earlier, on revenue of approximately $47.35 billion.