Home Depot shares sank on Wednesday after the company announced that CEO Ted Decker was taking a temporary leave of medical absence.

Decker, a nearly three-decade veteran of the company, is expected to return in the next few months, management said, while remaining tight-lipped about the reasons behind his medical leave.

The 63-year-old assumed the company's top role in 2022. In his absence, operations will be led by Chief Financial Officer Richard McPhail and Ann-Marie Campbell, senior vice president of U.S. stores and operations. The company noted in a financial filing that McPhail and Campbell's pay structures will remain the same.

Home Depot stock fell 2.5% on Wednesday, making it one of the worst performers in the Dow Jones Industrial Average. The move followed a broader slump in housing stocks, with the iShares U.S. Home Construction exchange-traded fund down 2.3% and peer Lowe's down 2.6%.