Home Depot Inc. said Craig Menear, president of its U.S. retail operations, will succeed Frank Blake as chief executive officer.

The move will be effective Nov. 1, the Atlanta-based company said Thursday in a statement. Blake, who has been CEO since 2007, will remain chairman.

Home Depot, the largest U.S. home-improvement retailer, has been benefiting from a rebounding U.S. housing market that’s encouraging homeowners to spending more on renovations. The chain earlier this week posted second-quarter profit that topped analysts’ estimates and raised its forecast for the year.

The shares fell 0.4 percent to $90.76 at 4:27 p.m. in late trading in New York. Home Depot had gained 11 percent this year through the close of regular trading Thursday.