Last Wednesday, The Home Depot announced its CEO, Robert Nardelli, resigned. In a statement released by the company, Nardelli and the board “mutually agreed” to the decision. Frank Blake, the current vice chairman of Depot’s board of directors and the company’s executive vice president, will succeed Nardelli immediately.
The board also announced that Joe DeAngelo, the company's executive vice president, HD Supply, was appointed to the newly created position of chief operating officer. He will continue to oversee HD Supply and will assume additional responsibilities for the retail business.
Nardelli’s severance package came under heavy criticism, and many analysts said that it was not in line with the retailer’s performance. As part of Nardelli’s $210 million separation agreement, he was scheduled to receive a cash severance payment of $20 million. Nardelli, 58, took over as Depot’s chairman and CEO in 2000.
You can read the company’s official press release here.