• Home Depot has named CEO Ted Decker as the chair of the board, the company announced Thursday.
• He replaces former CEO Craig Menear, who will retire as chair Sept. 30. Decker took over as CEO in March, when Menear stepped down from that role.

Home Depot has named CEO Ted Decker as the chair of the board, the company announced Thursday.

He replaces former CEO Craig Menear, who will retire as chair Sept. 30. Decker took over as CEO in March, when Menear stepped down from that role. Prior to that, Menear had been the company's chief executive since 2014.

The announcement comes two days after Home Depot's second-quarter earnings report, which reflected strong performance even as consumers grappled with high inflation. The company's statement didn't give a reason for Menear's retirement.

Home Depot on Thursday also announced a new $15 billion share-buyback program.

The board thanked Menear for his service with the company, and praised Decker's performance thus far as CEO.

"During Ted's tenure as CEO and a member of the board, we have witnessed firsthand his passion for the customer experience and our associates, and we look forward to continuing to work with him as chair," Greg Brenneman, the board's lead director, said in a news release.

Both men are company veterans. Menear started at Home Depot in 1997, and Decker began his tenure there in 2000. 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.

Shares of the company were effectively flat after hours.