Home Depot CFO to Retire After 18-Year Tenure
01 Mai 2019 - 1:17AM
Dow Jones News
By Tatyana Shumsky
Home Depot Inc. said long-serving finance chief Carol Tomé will
retire later this year and named an internal successor to the CFO
post.
Ms. Tomé plans to retire on Aug. 31, having served as CFO of one
of the world's biggest home-improvement chains since May 2001. She
joined the company in 1995 and has directly reported to all five of
Home Depot's chief executives during her tenure.
Richard McPhail, currently senior vice president of finance
control and administration, will be promoted to executive vice
president and CFO following Ms. Tome's retirement. Mr. McPhail
joined the Atlanta-based retailer in 2005 and has been responsible
for the company's financial plans, as well as managing its profit
and loss on a daily basis, a spokesman said.
"Developing top talent and ensuring seamless succession planning
is a hallmark of our company," said Home Depot Chief Executive and
President Craig Menear.
Ms. Tomé is leaving Home Depot having helped the company
increase shareholder value by more than 450% during her tenure, Mr.
Menear said.
Ms. Tomé was instrumental in guiding the company's turnaround
strategy during the recession. Home Depot has reported higher
annual sales and profit in each of the past eight years, according
to data from S&P Global Market Intelligence.
Home Depot shares slipped 0.8% in after-hours trading on
Tuesday. The stock closed the day up 0.8% at $203.70 a share.
Home Depot reported fourth-quarter net income of $2.34 billion,
up 32% from a year earlier. Net sales were $26.49 billion, up 11%
from a year ago. But the company disappointed analysts and
investors with weaker-than-expected gains in comparable sales,
which rose 3.2% for the quarter ended in February, missing
forecasts of a 4.5% increase.
Ms. Tomé's planned departure from Home Depot will also end one
of the longest-running CFO tenures. The average term of a finance
chief at a Fortune 500 or S&P 500 company was 5.1 years,
according to the 2018 Crist|Kolder Volatility Report.
Still, Ms. Tomé's 18-year stint as CFO falls well short of Jeff
Julien's 32-year tenure as finance chief of Raymond James Financial
Inc., which concluded with his retirement last month.
Write to Tatyana Shumsky at tatyana.shumsky@wsj.com
(END) Dow Jones Newswires
April 30, 2019 19:02 ET (23:02 GMT)
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