The Home Depot announced that Carol Tomé, Chief Financial Officer and executive vice president of Corporate Services, has decided to retire on August 31, 2019 after 24 years of service to the company.

"Carol is not only one of the most respected executives in corporate America and an outstanding Chief Financial Officer, but also is beloved by The Home Depot associates," said Craig Menear, chairman, CEO and president.  "Since Carol was named our CFO in May 2001 we have delivered more than a 450% increase in value to our shareholders, due in part to her many contributions. We are truly grateful to Carol for her service, and I am deeply appreciative of her partnership over the past five years."

The company also announced that Richard McPhail, senior vice president of Finance Control and Administration, will be promoted to executive vice president and Chief Financial Officer following Carol's retirement.  Since joining the company in 2005, Richard has held a number of roles of increasing responsibility within the finance organization including director of Strategic Business Development, vice president of Strategic Business Development, and senior vice president of Finance. In recent years, he was responsible for developing the company's financial plans and managing its day-to-day financial performance, overseeing the company's business development activities, and creating a decision analytics center of excellence, among other responsibilities.

"Developing top talent and ensuring seamless succession planning is a hallmark of our company.  Richard has been a key contributor to our senior leadership team and I'm excited about him joining our executive leadership team," said Menear.