Nardelli Resigns From Depot

ATLANTA-Robert Nardelli, the chairman, president and chief executive officer of the Home Depot, under fire lately for his large compensation packages, has resigned. Frank Blake, the vice chairman of the company’s board of directors and an executive vice president, succeeds Nardelli.

Criticism of Nardelli has heightened lately as at least one investor group, Relational Investors, has proposed strategic alternatives for the home-improvement retailer due to what the firm called its “chronic inferior stock price.” Nardelli has also been said to have earned about $225 million during his six-year tenure in his position.

Under the terms of his resignation, Nardelli will receive about $210 million. That includes a $20-million cash payment, $84 million in stock options, $9 million in bonuses, 401(k) payments of $2 million, $44 million in shares already earned, retirement payments of $32 million and $18 million in additional compensation.