Craig Menear

Home Depot U.S. Retail President Craig Menear will succeed Frank Blake as chief executive officer in about two months, giving the chain a new leader as it navigates a slowing housing rebound. The move will be effective Nov. 1, the Atlanta-based company said yesterday. Blake, 65, has been CEO since 2007 and will remain chairman. Menear, who's been with the chain since 1997, will join him on the board immediately. Home Depot, the largest home-improvement chain, has boosted profit for five straight years as the recovering U.S. housing market encouraged homeowners to spend more on renovations.

Supply chain investments by Home Depot are putting more product within customers' reach. The retailer's 19 rapid deployment centers play an important role in improving both stores' efficiency and in-stock levels.

Home Depot is getting ready for its own version of Black Friday. For the second year in a row, the DIY heavyweight will roll out regional promotions that include doorbusters, as well as special pricing on lawn and garden, patio furniture, and grills.

The Home Depot said it will hire more than 60,000 seasonal associates in time for the company's second annual Spring Black Friday event. The retailer will implement the spring promotion market-by-market over four different weekends in the spring. The event marks the start of home improvement's busiest shopping season.