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Home Depot proxy: Nardelli's take up nearly $100M in 2006
According to a proxy filed Friday by the Atlanta-based home improvement retailer (NYSE: HD), Nardelli's total compensation included a $2.3 million salary, a $3 million bonus, $16.3 million in stock awards, $6.4 million in stock options, $3 million in nonequity incentive plan compensation and $100.2 million in other compensation. The company said his other compensation includes a $20 million severance payment; $18.6 million in severance payments payable in equal annual installments over four years in exchange for non-competition, non-solicitation, non-disparagement and cooperation covenants in favor of the company, Nardelli's waiver of the notice provisions of his employment agreement and his execution of a general release of claims against the company and $565,984 in dividend equivalents payable on deferred stock awards distributable to Nardelli on July 2, 2007; $44.7 million $10.9 million to accelerate vesting of stock options and stock awards; $50,000 in legal fees; a $305,355 tax reimbursement; $246,122 in life insurance; $168,835 for use of corporate aircraft; and $648,167 for company provided security. The former CEO stepped down in early January after a controversial six year tenure. Home Depot's earnings have been hurt by the slowdown in the U.S. housing market. The company has also been implicated in the growing national scandal over the back-dating of stock options. Nardelli was Atlanta's highest-paid CEO in 2005, making more than $100,000 a day for a total annual compensation package worth $38.1 million. Home Depot's sales grew 11.4 percent in 2006, to $90.8 billion, while its profit declined 1.3 percent to $5.8 billion. The proxy also revealed Nardelli's successor Frank Blake got $6.3 million in total compensation in 2006, including a salary of $758,384, bonus of $255,000, $2.6 million in stock awards, $1.9 million in stock options, $686,250 in nonequity incentive plan compensation, and $212,110 in other compensation such as use of corporate aircraft. Blake was formerly an executive vice president before becoming chairman, and CEO in January 2007. As the top exec at Home Depot, Blake will get a base salary of $975,000 in 2007 and he will be eligible to receive a bonus worth 200 percent of his base salary. However, Blake's employment arrangement does not entitle him to any severance payments if he leaves or gets fired. Former Executive Vice President of Human Resources Dennis Donovan, who left the company on Feb. 14, 2007, made about $19.2 million in total compensation last year. This figure includes a salary of $729,231, bonus of $222,000, $3.2 million in stock awards, $1.3 million in stock options, $714,375 in nonequity incentive plan compensation and about $13 million in other compensation. His other compensation included $11 million and $1.6 million to accelerate vesting of stock options and stock awards. Former Secretary and General Counsel Frank Fernandez, who left the company on Feb. 14, 2007, got about $17.8 million in total compensation, including a salary of $723,846, a $222,000 bonus, $2.3 million in stock awards, $1.1 million in stock options, $686,250 in nonequity incentive plan compensation and $12.7 million in other compensation to accelerate vesting of stock options and stock awards. |
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