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| Robert Nardelli resigns as chairman and CEO of The Home Depot The Board of Directors of The Home Depot and Bob Nardelli announced that they have mutually agreed that Nardelli would leave his position as The Home Depot's chairman, president & CEO and as a Director effective January 2, 2007. Frank Blake, the Company's current vice chairman of the Board of Directors and executive vice president succeeds Nardelli, effective immediately. Nardelli and the company have agreed in principle to the terms of a separation agreement which would provide for payment of the amounts he is entitled to receive under his pre-existing employment contract entered into in 2000. Under this agreement, Nardelli will receive consideration currently valued at approximately $210 million (including amounts which have previously been earned or vested). Nardelli has also agreed not to compete with the Home Depot for one year, not to solicit employees or customers of the Company for four years and other restrictive covenants. write your comments about the article :: © 2007 Construction News :: home page |