ATLANTA --  Home improvement retail giant The Home Depot named Craig Menear the company’s new CEO.

Menear, who currently serves as president of U.S. retail operations, will assume his new role Nov. 1. Current chairman and CEO Frank Blake, who has been in that position since 2007, will remain chairman. 

"Craig has taken on increasing leadership responsibility over the last several years and has excelled in all his roles," said Blake.

In addition to helming the company’s retail operations in the U.S., has overseen the company's supply chain efforts, its online and private brand businesses and the company's marketing and global sourcing. 

In fiscal 2013, The Home Depot had sales of $78.8 billion and earnings of $5.4 billion.