Nardelli carrying $55.3MLN policy |
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Fri, 30 Mar 2007 00:04
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ATLANTA (AP) - The Home Depot Inc., the world's largest home improvement store chain, will continue to reimburse former Chief Executive Bob Nardelli for the next three years for the premiums on $55.3 million in life insurance he's been carrying, a regulatory filing says.The disclosure was contained in a copy of Nardelli's severance agreement that was attached to a Securities and Exchange Commission filing issued Thursday.Amid a firestorm over his hefty pay and the company's lagging stock price, Nardelli resigned from Home Depot in early January after six years at the helm of the company. He was replaced by Frank Blake, who at the time was the vice chairman of Home Depot's board.Nardelli left with a severance agreement valued at about $210 million. The life insurance premiums being reimbursed by the company until Jan. 2, 2010, are included in that figure. Home Depot did not disclose the amount of the premiums.A Home Depot spokesman said Nardelli had about $30 million in life insurance when he worked as an executive at General Electric Co. that Home Depot assumed when he joined the home improvement chain in December 2000. That amount is part of the $55.3 million in life insurance, which is spread over 13 policies.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Ridge to leave Home Depot board 