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The Board of Directors of The Home Depot(R) and Bob Nardelli announced that they have mutually agreed that Nardelli would leave his position as The Home Depot's chairman, president & CEO and as a Director effective Jan. 2, 2007. Frank Blake, the company's current vice chairman of the Board of Directors and executive vice president succeeds Nardelli, effective immediately. Frank Blake was elected chairman and CEO of The Home Depot and a full voting member of the Board of Directors.
Since joining The Home Depot in 2002, Blake has served as vice chairman of the Board of Directors and executive vice president. His responsibilities have included strategic business development, growth initiatives, real estate, store construction, credit services, and the Home Services business. Prior to joining The Home Depot, Blake served as deputy secretary for the U.S. Department of Energy (DOE). Prior to that, he served in a variety of executive roles at General Electric, including senior vice president, Corporate Business Development.
The Board also announced that Carol Tome, the company's current executive vice president and CFO, and Joe DeAngelo, the Company's executive vice president, HD Supply, will be assuming additional responsibilities. Tome will be assuming responsibility for mergers and acquisitions, credit services and additional strategic responsibilities. DeAngelo was appointed to the newly created position of chief operating officer. In this position, DeAngelo will continue to oversee HD Supply and will assume additional responsibilities for the retail business.
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