Home Depot shares fell on Wednesday after the company said that CEO Ted Decker will take a temporary medical leave.
Decker has worked at Home Depot for almost 30 years and is expected to return in the next few months, according to management. The company did not share more information about his medical leave.
Decker, 63, became CEO in 2022. While he is away, chief financial officer Richard McPhail and Ann-Marie Campbell, senior vice president of U.S. stores and operations, will run daily operations together. The company said in a regulatory filing that their pay will not change during this time.
Home Depot shares dropped 2.5% on Wednesday, making it one of the weaker stocks in the Dow Jones Industrial Average. The drop happened as other housing-related stocks also fell. A major home construction sector fund lost more than 2%, and rival Lowe’s also saw a sharp decline.
