Robert Nardelli resigned as Chairman and CEO of Home Depot this morning.
Home Depot, the second largest retailer in the country, has been under fire of late. It’s struggled some with the slowdown in the housing market. But it’s also been criticized for not keeping its focus on operating as a retailer and trying to get into the contracting and supplier business.
Nardelli has been CEO since 2000. He will leave with a whopping $210 million severance package. Current Home Depot vice chairman Frank Blake will replace Nardelli effective immediately.
In the past few years, Home Depot has acquired companies like Hughes Supply and Chem Dry. Its most recent deal, however, was on the retail front. In mid-December, the company bought The Home Way, giving the company a toe hold in China.