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Home Depot CEO adds title
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November 20, 2001: 1:42 p.m. ET
World's largest home-improvement retailer names CEO Nardelli as chairman.
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NEW YORK (CNN/Money) - Home Depot Inc., the world's largest home-improvement chain, said on Tuesday it has elected President and Chief Executive Robert Nardelli as the company's new chairman, effective Jan. 1, 2002.
The Atlanta-based company said Nardelli will replace Home Depot co-founder Bernie Marcus, who will continue on the company's board until May 2002, when he reaches the company's mandatory retirement age of 72.
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Home Depot names CEO Robert Nardelli as new chairman. | |
The company said Nardelli, who joined Home Depot last December after nearly 30 years at General Electric Co. (GE: Research, Estimates), will assume the title of chairman and chief executive officer.
"Bob Nardelli has exceeded all expectations in terms of his leadership and contributions he has already made to Home Depot," said Marcus. "The company's achievement of record earnings in the third quarter is a testimonial to Bob Nardelli and all of the 250,000 orange-blooded Home Depot associates who are working with him to take the company to the next level."
Last week, Home Depot (HD: down $0.73 to $46.34, Research, Estimates) reported its fiscal third-quarter earnings that rose 20 percent as the company cut costs while opening new stores to take advantage of a healthy housing sector. 
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