Home Depot announced that its CEO, Ted Decker, will take a temporary medical leave of absence expected to last several months. During his absence, two senior executives will manage the company’s operations: Ann-Marie Campbell, the senior executive vice president of U.S. stores and operations, will handle day-to-day activities, while Richard McPhail, the chief financial officer, will oversee financial management and the Pro business segment. Additionally, Greg Brenneman, the board’s lead independent director, will serve as chair of the board.

This leadership change comes less than a week before Home Depot is scheduled to release its fiscal second-quarter earnings report on Tuesday. The company did not disclose specifics about Decker’s medical condition at this time. The board’s appointments were made in alignment with Decker’s recommendation, reflecting a collaborative transition plan within the company’s leadership structure.

Ann-Marie Campbell brings extensive experience to her interim role, having worked at Home Depot since 1985 and rising through various positions from cashier to senior executive. Richard McPhail has served as the company's CFO since September 2019 and has been with Home Depot since 2005. Despite taking on increased duties during Decker’s leave, neither executive will receive additional compensation for these responsibilities, according to a securities filing.

Home Depot’s board expressed confidence in Campbell and McPhail’s ability to steer the company during this period and conveyed best wishes for Decker’s recovery. Leadership stability is critical as the retailer approaches its important earnings announcement amid a competitive home improvement market. The company remains focused on its operational and financial goals while supporting its CEO through his medical leave.