| ATLANTA -- Bob Nardelli has resigned as The Home Depot's chairman, president and 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, who joined the company in 2000, has come under fire for his excessive compensation and flagging stock at the company. He will leave Home Depot with a $210 million severance package. Nardelli has also agreed not to compete with the Company for one year, not to solicit employees or customers of the Company for four years and other restrictive covenants.
"I am extremely proud of what we have accomplished at The Home Depot since 2000 and I believe that I leave a stronger and more resilient company than when I arrived, and one that is well positioned to capitalize on the substantial opportunities ahead of it," said Nardelli.
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