Home Depot CEO Francis “Frank” S. Blake found himself at the helm of a ship having difficulty staying afloat. A few years back, the old Home Depot was an icon of top-class service, where customer satisfaction was the employees’ reason for being. Now, after Nardelli — the previous CEO — unceremoniously left the company, and with a housing crisis arising from the recession, kindle was added to the fire of a worsening company image. So what’s a first-time CEO like Blake to do?

Frank Blake’s vision and planning is getting the company ready for the eventual economic recovery. So the company found itself evaluating the strategic fit of all its projects and processes. In the meantime, Blake has done a commendable job of damage control. Blake implemented a two-pronged strategy to give the company an overhaul. First, it involved going back to its core competency and focusing on the retail customer. That translated to selling off unprofitable assets that were not meeting targets — such as Home Depot Supply. This arm of the business, which tapped the commercial construction market for additional revenues, was sold for USD 8.5 billion. In its place, he is targeting do-it-yourself shoppers by making HD the hub for anything one wants to know about home improvement again.

Second, being in the retail industry, Blake believed it of utmost necessity to restore their reputation. And this is where his unconventionality has served him well. Instead of retrenching more people or reducing their benefits, he invested in restructuring their employment program. The bonus program, decision-making process, and corporate culture all ensure employee satisfaction for the guys in orange aprons.

Frank Blake began working for Home Depot in 2002 as the Executive Vice President, Business Development and Corporate Operations. Prior to his HD days, he served different executive positions in another Fortune 500 company, General Electric. Blake was also a one-time Deputy Secretary for the U.S. Department of Energy.

Article Source: Money.cnn.com

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