Blank, 58, and Marcus courted Nardelli after he was passed over to succeed Jack Welch at GE. Nardelli joined Home Depot last December.
Blank, who will not seek re-election to the board at the end of May when his term expires, says in a prepared statement he is stepping aside so that Nardelli does not have to operate in his shadow. Blank says he made the decision to exit a year earlier than planned because the transition of the CEO role to Nardelli has been successful and smooth.
Blank says he plans to focus on expanding the work of the Arthur M. Blank Family Foundation and also to increase his involvement in business and nonprofit groups in Atlanta. He also wants to spend more time with his family. He and his wife, who have a four-year old, are expecting twins this summer.
Marcus, 71, will remain chairman of the $45.7 billion retail chain. Founded in 1978, Home Depot currently has 230,000 employees and 1,149 stores in 47 states and several countries.
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