Bob Nardelli abruptly resigned Wednesday as chairman and chief executive of The Home Depot Inc. after a six-year tenure that saw the world’s largest home improvement store chain post big profits but left investors disheartened by poor stock performance.
Nardelli has also been under fire by investors for his hefty pay and is leaving with a severance package valued at about $210 million. He became CEO in December 2000 after being passed over for the top job at General Electric Co., where Nardelli had been a senior executive.
Home Depot said Nardelli was being replaced by Frank Blake, its vice chairman, effective immediately.
Blake’s appointment is permanent, Home Depot spokesman Jerry Shields said. What he will be paid was not immediately disclosed, Shields said. The company declined to make Blake available for comment, and a message left for Nardelli with his secretary was not immediately returned.
No word on how the change will affect Gibbs sponsorship of the #20 car.
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it really shouldn’t chang anything for the#20 for a while im sureJGRhas a multi-year contract with home depot
Best thing to happen to Home Depot. Everything that they gained while he was there was setup by the man before him. He was paid way too much and the govt is looking into the fact that al last years shareholder meeting the shareholders wanted a say in his and other board members compensation. The board turned that down because they don’t care what the shareholders and employees think.