It’s back to basics at the depot — Home Depot, that is. The Atlanta-based retailer is doing away with the position “senior vice president of growth initiatives,” the job held by Jim Stoddart. An article by Patti Bond in today’s The Atlanta Journal-Constitution noted that Stoddart had overseen projects that were meant to expand Home Depot outside it’s basic home-improvement store format.
One example, Bond wrote, was a business called Landscape Supply, a stand-alone nursery. Growth plans for Landscape Supply have died on the vine though the ll locations that are open may stay alive.
Stoddart was hired by former (and controversial) Home Depot chief Bob Nardelli. New CEO Frank Blake has said he wants to focus the retailer’s growth on the core business.
In light of Home Depot’s poor first quarter earnings, announced this week, getting back to basics may be just what the analyst ordered.