Nardelli Resigns as Home Depot CEO

The Home Depot board of directors announced today that Robert Nardelli resigned as CEO and Chariman as of January 2, 2007.  Effective immediately, Frank Blake, Home Depot EVP and vice chairman of the board of directors, will replace him.

Here's the partyline from the company issued press release:

The Home Depot's Board said, "We are very grateful to Bob for his strong leadership of The Home Depot over the past six years. Under Bob's tenure, the Company made significant and necessary investments that greatly improved the Company's infrastructure and operations, expanded our markets to include wholesale distribution and new geographies, and undertook key strategic initiatives to strengthen the company's foundation for the future. The Home Depot has delivered strong and consistent growth and gained market share under Bob's leadership, and we believe that the Company is well positioned to continue to do so. We thank Bob for his contributions, hard work and dedication and wish him all the best in his future endeavors."

You can read about his $210 million severance package at Bloomberg.com.