Appliance retailer The Home Depot(R) appointed Angelo Mozilo, chairman and CEO of Countrywide Financial Corporation, to the company's board of directors.
In addition, the company announced that Dick Brown will retire from The Home Depot board and not stand for re-election when his term expires in May 2006. Brown is retiring from the board to accommodate the increasing demands of his professional responsibilities.
Mozilo founded Countrywide Financial Corporation in 1969. Currently, the company is a global leader in residential finance and related services, and is a member of the S&P 500, Fortune 500 and Forbes Global 2000, with more than 800 offices operating on three continents.
Brown served as chairman of the board and CEO of Electronic Data Systems Corporation (EDS) from 1999 to 2003. Before his appointment at EDS, he served as chief executive of Cable & Wireless PLC in London and as a member of its board of directors.
With the changes, The Home Depot board will consist of 12 members through its next Annual Meeting of Shareholders in May 2006. The 12-member board will include 11 outside directors, 10 of whom are independent.
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