Ridge to leave Home Depot board |
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Mon, 19 Mar 2007 23:30
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ATLANTA (AP) - Former Homeland Security Secretary Thomas J. Ridge will step down from the board of directors for The Home Depot Inc., the world's largest home improvement store chain said in a regulatory filing Monday.Atlanta-based Home Depot said the decision by Ridge and another director, Angelo R. Mozilo, not to stand for re-election to the board was communicated to the company last week.Neither Ridge nor Mozilo cited any disagreement on any matter relating to the company's operations, policies or practices, Home Depot said.Both will serve out their terms on the board, which expire when Home Depot holds its annual meeting in May.Ridge, a former two-term Pennsylvania governor, served as first head of the nation's newly created Department of Homeland Security from 2003 to 2005. Mozilo is chief executive officer of Countrywide Financial Corp., the biggest U.S. mortgage lender.There was an uproar last year among Home Depot investors over a hefty compensation package for former Chief Executive Bob Nardelli in light of the company's sagging stock price. Nardelli resigned in January after six years at the helm and took a severance package valued at $210 million.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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