Brenneman chairs board; leave duration and condition undisclosed
Home Depot announced on August 13 that CEO Ted Decker will take a temporary medical leave, with CFO Richard McPhail and Ann-Marie Campbell, senior executive vice president of U.S. stores and operations, stepping up to jointly manage the retailer during his absence.
McPhail and Campbell will run Home Depot while Decker is away, the company said. The arrangement splits responsibilities: Campbell will oversee day-to-day operations, including the company’s U.S. stores, and McPhail will handle the company’s financials.
Greg Brenneman, Home Depot’s independent lead director, will serve as board chairman during Decker’s leave. Home Depot did not disclose the duration of Decker’s leave or the nature of his medical condition.
The Wall Street Journal’s CFO Journal newsletter, which reported the Home Depot arrangement, said the interim setup serves as a reminder for other companies whose succession plans elevate the CFO to the top operating role. The newsletter pointed to ConocoPhillips, which announced earlier this month that CFO Andy O’Brien will become CEO when current chief Ryan Lance retires next month after 14 years leading the energy company. The two situations differ — ConocoPhillips’s transition is a planned retirement, while Decker’s leave is a temporary medical absence — but both illustrate how finance chiefs acquire operational expertise as they move through a company’s executive ranks.
The CFO Journal newsletter previously highlighted insight from Jim Lawson, co-lead of the global financial officers practice at Russell Reynolds Associates, on the succession-planning dimension of CFO elevations.