Home Depot's Blank Set To Retire

Home Depot co-founder and cochairman Arthur Blank unexpectedly announced his retirement effective May 30.

Claiming he did not want to cast a long shadow over his successor, ceo Bob Nardelli. the former ceo said it was his decision alone to step down, adding that he had "tremendous confidence" in Nardelli. "A clean break made the most sense." Blank said. "I felt zero pressure."

Since co-founding Depot in 1978 with co-chairman Bernard Marcus, 71, Blank,58, has overseen its growth into the nation's #2 retailer, second to WalMart Stores Inc., with 1,149 stores in the U. S., Canada and Latin America.

When former GE executive Nardelli was named ceo in December, (see Jan., p. 26 and Feb., p.25) some industry analysts expected Blank to remain active in the business for one to two more years.

Blank, however, said it was imperative Nardelli be recognized as the sole leadership voice in the organization, an issue not likely with Blank hovering in the background.

"People were spending too much time checking my temperature," Blank said. "Their loyalty and allegiance needs to be to the culture of the company, needs to be focused on one person as the essential leader, and that needs to be Bob Nardelli."

Some experts view Blank's departure as troublesome for the chain, pointing to its financial problems, including a 2O7o drop in fiscal fourthquarter earnings.

Nardelli, for his part, wasted little time assuming control. announcing plans to open 200 stores this year, down from the 225 previously planned. Some analysts viewed the shift as a negative sign, while others said it indicates the new boss is committed to cutting costs and boosting the efficiency of existing units.

The future for Marcus, meanwhile, is uncertain, as he reaches the mandatory retirement age from the board in May 2002.

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