Nardelli, with $210 million, exits Home Depot

By Staff -- Home Textiles Today, 1/3/2007 11:24:00 AM

Atlanta– The board of directors of The Home Depot reached an agreement with chairman, president, and ceo Robert Nardelli to resign effective yesterday, Jan. 2.

To sweeten the deal, “Nardelli will receive consideration currently valued at approximately $210 million,” the board said.

Frank Blake, the current vice chairman and executive vp, succeeds Nardelli, effective immediately as chairman and ceo, the $81.5 billion home improvement retailer said. Blake joined Home Depot in 2002 from his post as deputy secretary for the U.S. Department of Energy; previously he was an executive at General Electric, as was Nardelli.