Jim 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 executive Bob Nardelli
four 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 CEO Frank
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.
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% drop in first-quarter profits. Quarterly sales
for its retail stores fell 4%, with comparable-store sales off 8%.