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Home Depot CEO Resigns
After six years of controversy over compensation, management style and share performance, Home Depot’s chairman and chief executive Bob Nardelli has resigned.
Nardelli will be replaced by vice chairman and EVP Frank Blake, writes The Wall Street Journal (subscription). Nardelli will receive a $210 million severance package, as per his 2000 employment contract.
Home Depot has lost market share to Lowe’s since 2000, when Nardelli started, writes Bloomberg. Nardelli and Home Depot mutually agreed to his departure, according to the article.
“We are very grateful to Bob for his strong leadership of The Home Depot over the past six years. Under Bob’s tenure, the Company made significant and necessary investments that greatly improved the Company’s infrastructure and operations, expanded our markets to include wholesale distribution and new geographies, and undertook key strategic initiatives to strengthen the company’s foundation for the future,” the Home Depot Board said in a statement.