Nardelli leaves Home Depot

Bob Nardelli, chairman and chief executive officer of Home Depot, has left the company with effect from 2 January 2007. Frank Blake, previously vice chairman and executive vice president, has been elected to succeed him. Since joining the company in 2002 his responsibilities have included strategic business development, growth initiatives, real estate, store construction, credit services and the Home Service business. Mr Nardelli is to receive a consideration currently valued at approximately US $ 210 mio (€ 158 mio).
Two other members of the board, Carol Tome (currently executive vice president and chief financial officer) and Joe DeAngelo (executive vice president HD Supply), will be assuming additional responsibilities. Ms Tome will be responsible for mergers and acquisitions, credit services and additional strategic tasks. Mr DeAngelo is taking over the newly created position of the company's chief operating officer.