The Home Depot’s Bob Nardelli has resigned from his posts as president, CEO and chairman of the board as of Jan. 2, 2007. Frank Blake, the company’s executive vice president, succeeds him.
The move comes amid criticism from investors over Nardelli’s pay and slow stock gains during his reign.
The board also announced that CFO Carol Tome and head of the wholesale division, Joe DeAngelo, will be assuming additional responsibilities. Tome will be assuming responsibility for mergers and acquisitions, credit services and additional strategic responsibilities. DeAngelo was appointed to the newly created position of Chief Operating Officer. In this position, DeAngelo will continue to oversee HD Supply and will assume additional responsibilities for the retail business.
Since joining The Home Depot in 2002, Blake has served as vice chairman of the Board of Directors and executive vice president. His responsibilities have included strategic business development, growth initiativtml”>More Breaking News