Home Depot CEO Ted Decker Steps Down Temporarily Due to Health Reasons

Home Depot's CEO, Ted Decker, has taken a temporary medical leave of absence from his role at the company. The 63-year-old executive will be away for an unspecified period, although the board of directors expects him to return within a few months.

The Home Depot confirmed that Decker is taking time off due to a medical condition, but did not disclose further details about his health. In his absence, two veteran company leaders have been appointed to manage top-level duties. Ann-Marie Campbell, Senior Executive Vice President, will oversee daily store and retail operations, while Richard McPhail, Executive Vice President and CFO, will handle financial management alongside the company's pro business divisions.

The board of directors has expressed confidence in Campbell and McPhail's ability to lead the company during Decker's temporary absence. Greg Brenneman, Lead Director, stated that 'The Home Depot has the best management team in retail,' and praised Campbell and McPhail as 'strong, seasoned executives who have worked together for more than 20 years.'

Shares of The Home Depot dropped 2.35% following the announcement, although this is not significantly higher than a recent drop in Lowe's stock, which fell 2.6%. The company has not provided an exact date for Decker's return to work.