Home Depot says Menear will become CEO on Nov. 1

NEW YORK (AP) — Home Depot says Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1.

Frank Blake has been Home Depot's chairman and CEO since 2007, and he will remain chairman of the company.

Menear became president of the company's U.S. retail unit in February. He has worked for Home Depot since 1997.

Home Depot Inc. is based in Atlanta and is the largest U.S. home improvement retailer. On Tuesday, the company reported strong second-quarter results and raised its forecast for the full year. It said purchases of major items like appliances and water heaters improved compared to last year, and its results have been helped by the improving U.S. housing market.