Jim Stoddart, Home Depot’s senior vice president of growth initiatives, will leave the company tomorrow.
Stoddart, Home Depot’s senior vice president of growth
initiatives, will leave the company tomorrow, another sign that Big Orange may
keep its focus on its core retail business.
former head of HD Supply, was hired by ex-chief executiveBob Nardellifour years ago to develop sales opportunities outside the retailer’s big-box
home improvement stores.
helped develop Landscape Supply, a stand-alone nursery concept that opened 11
location in the past five years. Home Depot doesn’t plan to open any more
stores. Stoddart was also in charge of Home Depot Fuel, a chain of convenience
store/gas stations. The company has built four such stores, each located
outside one of its retail outlets. Two more are under construction. Nardelli had
planned to have 300 sites in operation by 2010.
position was eliminated, and his duties will be given to other executives.
Home Depot CEOFrank
Blake, who took over from the ousted Nardelli last January, has
said the company will concentrate on improving the company’s retail operations.
As part of those plans, Blake is considering selling HD Supply.
Home Depot continues to struggle this year as skittish consumers put off
plans to either purchase a new home or finance improvements to exisiting
shelters. Earlier this week, the company reported a 30-percent drop in
first-quarter profits. Quarterly sales for its retail stores fell 4 percent,
with comparable-store sales off 8 percent.