Home Depot CEO resigns abruptly

Bob Nardelli abruptly resigned Wednesday as chairman and chief executive of The Home Depot Inc. [Tony Stewart sponsor] after a six-year tenure that saw the world's largest home improvement store chain post big profits but left investors disheartened by poor stock performance. Nardelli has also been under fire by investors for his hefty pay and is leaving with a severance package valued at about $210 million. He became CEO in December 2000 after being passed over for the top job at General Electric Co., where Nardelli had been a senior executive. Home Depot said Nardelli was being replaced by Frank Blake, its vice chairman, effective immediately. Blake's appointment is permanent, Home Depot spokesman Jerry Shields said. What he will be paid was not immediately disclosed, Shields said. Associated Press