Home Depot Inc., Atlanta, said in a filing with the Securities and Exchange Commission Jan. 24 that its new chief executive, Frank Blake, could earn as much as $8.9 million this year. That is considerably less than the $25.7 million a year on average that former Chief Executive Bob Nardelli was earning excluding stock options. Nardelli resigned earlier this month after a year of heavy criticism of everything from his pay package to the underperforming retailer’s corporate governance.
Blake has the opportunity to earn three times his base salary of $975,000 if he meets certain performance targets plus an extra $5 million in stock based on how well the shares perform and the amount of total shareholder return.
The filing with the SEC shows that Joe DeAngelo, Home Depot’s executive vice president and chief operating officer, will earn a base salary of $875,000.