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Home Depot taps Craig Menear as CEO

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Home Depot named Craig Menear as CEO and president on Thursday effective November 1, 2014. He has also been elected to the company's board of directors, effectively immediately.

The company said current chairman and CEO Frank Blake, who has served as CEO since 2007, will stay on as chairman.

Watch: Home Depot's Menear on the next growth opportunity

Menear was named president of U.S. retail in February and has worked in the retail industry for 34-years. Home Depot shares edged lower in extended hours trading after the announcement.

This story is developing. Please check back for further updates.