HD to Reject Proposal to Evaluate Strategic Alternatives
The Home Depot has received notice from investment firm Relational Investors LLC that it plans to submit a proposal at the next annual meeting to encourage HD to evaluate the "strategic direction of the company, the performance of management, and strategic alternatives for the company."
Relational is run by investor Ralph Whitworth, who has pushed for changes at other companies he has a stake in. Relational owns roughly 0.6% of HD outstanding common stock.
In a letter to CEO Bob Nardelli, Whitworth wrote that HD's board of directors is presented with "enormous responsibility and opportunity to reverse the company's inferior stock performance experienced since 2000. We ...