Home Depot names Menear as CEO
The Home Depot announced that current CEO Frank Blake will be passing the torch to Craig Menear this fall.
Menear, who is currently serving as president U.S. retail, will take over as CEO and president as of Nov. 1, 2014. He has also been elected to the company's board of directors, effective immediately.
"Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles," said Blake. "As a long-time Home Depot veteran, Craig lives our values and embodies our culture. He'll do an outstanding job leading our company in the years ahead."
Menear has been serving in his current capacity since February, and he brings 34 years of retail experience to the table. Prior to joining the company in 1997, Menear held various merchandising positions within the retail industry with companies such as Ikea, Builders Emporium, Grace Home Centers and Montgomery Ward, as well as operating an independent retail business. He earned a bachelor of arts degree from Michigan State University’s Eli Broad College of Business. During his time with the home improvement retailer, Menear has played a pivotal role in its supply chain operations and the expansion of its online and private brand businesses, as well as marketing and global sourcing.
Blake, who has been leading the company since 2007, will remain onboard as chairman.
"On behalf of the board, I want to thank Frank for the job he has done over the last seven years," said Greg Brenneman, the board's lead director. "Among his many accomplishments, Frank has built a world-class leadership team. We are fortunate to have a leader of Craig's capabilities as our new CEO."
Masonite restructures Israeli subsidiary
Door manufacturer Masonite International announced Thursday that it would be restructuring its Masonite Israel subsidiary in order to avoid a court-appointed trustee being placed in charge of the company.
In order to restructure, the company requested a stay from the Israeli courts after evaluating the company’s options. The Israel company is currently operating at a loss, and constituted under 1% of Masonite International’s sales in the last fiscal year.
GE introduces line of Internet-enabled ranges
The new Profile series of freestanding ranges from GE will allow homeowners to turn the oven on in between games of Candy Crush, among other things.
The Wi-Fi-enabled series of gas and electric ranges can be controlled remotely by the GE Brillion smartphone app.
“We’re expanding our line of connected appliances to make life easier while you’re on the go,” GE Product Manager Jonathan Sprigler said. “Consumers expect more things to be accessible through their phones, and GE is enabling them to have the control they want.”
This is the second series of appliances that GE has introduced with Wi-Fi capabilities after it rolled out its internet-enabled wall oven in 2013.
In addition to the hi-tech capabilities, the ranges also feature notification lighting that lets owners know when the oven has preheated, as well as tri-ring electric burners, a warming drawer and a built-in temperature gauge for meat. The ranges will retail for $1,599 and $2,099.