Home Depot (HD) announced that Bob Nardelli has mutually agreed with the company to step down as Chairman and CEO of Home Depot. If you will recall, Mr. Nardelli was one of the TOP 10 CEO’s that need to leave we ran at the end of December. You can access that full list here.
As predicted, HD shares are trading up some 5% pre-market at $42.25. As we noted he could even take a huge severance and the street would be happy to see it. Nardelli will not compete with Home Depot for 1 year and will leave with some $210 million in severance.
Frank Blake, the Company’s current vice chairman of the Board of Directors and executive vice president succeeds Nardelli, effective immediately. Frank Blake was elected chairman and CEO of The Home Depot and a full voting member of the Board of Directors. The Board also announced that Carol Tome, the Company’s current executive vice president and CFO, and Joe DeAngelo, the Company’s executive vice president, HD Supply, will be assuming additional responsibilities.
HERE is what I reissued on December 30: Home Depot’s (HD) Bob Nardelli.Does anyone on Wall Street respect him? Just because he was one of therunners-up to run G.E. doesn’t mean he shouldn’t change his name toRichard. I received what were claims of "ex-employee" emails claimingNardelli & Co. managed to kill off the entrepreneurial spirit ofthe employees here and replace the culture with that of an hourlyworker mentality. I didn’t note that previously and if so, "Bob yougotta go if you broke what was working great." The company has alsosignalled it was leveraging up just to make it harder to control thecompany. Miraculously Cramer said this morning in an article that Mr.Nardelli may not be able to screw it up and it could run $10 from hereif housing improves.
Good riddance!
Jon C. Ogg
January 3, 2007
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