Business NEWS

Home Depot CEO Frank Blake takes higher pay, but foregoes bonus!

By Amarendra Bhushan for CEOWORLD Magazine Updated:March 30, 2009

That is a good raise he got. I hope revenue was up last year. HaHaHa, all window dressing. This year he refuses the bonus. Next year the board gives him double or triple bonus for “honorable” duty in a crisis.

The Home Depot Inc., whose profit fell some 50 percent in 2008, Chief Executive Frank Blake waived his $1.2 million cash bonus for 2008, according to a regulatory filing.

The home improvement chain’s top executives also lost several key perks for 2009, including their company cars, reimbursement for certain tax payments and long-term life insurance.

The moves come as the company battles the housing downturn and recession, which prompted it to lay off thousands of workers and close underperforming stores and business units in the past year.

Base salaries for top officers were essentially flat. Blake’s base salary rose by $5,769 to $1.013 million, while Chief Financial Officer Carol Tome’s salary fell $5,192 to $901,923, the filing shows.

The pay information is in a preliminary proxy statement filed with the Securities and Exchange Commission.

Frank Blake
Chairman and CEO
Home Depot Inc.

Frank Blake is the chairman and CEO of The Home Depot. Prior to his appointment to this position in 2007, he served as vice chairman of the board of directors and executive vice president of the Company. He joined The Home Depot in 2002 as executive vice president, Business Development and Corporate Operations, and was responsible for real estate, store construction, credit services, strategic business development, growth initiatives, call centers and the Home Services business.

Frank previously served as deputy secretary for the U.S. Department of Energy (DOE), a role similar to that of chief operating officer in the private sector. There, he was a leader in departmental policy decisions and managed DOE’s annual $19 billion budget. Prior to that, Frank served in a variety of executive roles at General Electric. As senior vice president, Corporate Business Development, he led all business development efforts, including worldwide mergers, acquisitions, dispositions and identification of strategic growth opportunities. As GE Power Systems’ head of business development, he played a key role in expanding that business into new technology and global marketplaces. He also held the position of general counsel at GE Power Systems.

Frank’s public sector experience also includes having served as general counsel for the U.S. Environmental Protection Agency (EPA), deputy counsel to Vice President George Bush and law clerk to Justice Stevens of the U.S. Supreme Court.

As of April 2004, Frank was elected to serve on the board of directors for Southern Company, a premier super-regional energy company based in Atlanta, Georgia. He holds a bachelor’s degree from Harvard College and a jurisprudence degree from Columbia University School of Law.

Like this article! ‹ Institute of International Finance (IIF) says Financial Services Firms Move to Implement Compensation Reforms! Casino Gambling Index – Your Casinos Gambling Directory! ›
Share this Post: Get It Delivered To Your Inbox

Readers Rating:

(No Ratings Yet)

Loading ...

Popularity:
174,027 views

Comments:
Comments

Leave a Comment:

Tagged with: Chairman and CEO, Frank Blake, Home Depot, Home Depot Inc, regulatory filing

charleschilson

mr blake i am employed at home depot.iews a o promotwhy is it the longer im there the lees i make. i steped down to be a lead generator, cause my parents were dying,i transfered to il to be with them.had to take 3.65 a hour cut in pay.im trying to transfer any were to be a d/h again, but no luck i got my last 2 reviews were o promotable. im getting to the 3rd time of platium award . please call me 217-317-2173l

Kelly Sharkey

Hello Mr Blake my is Kelly Sharkey from Kinistino Sask,Canada I purchased some siding from one of your stores in Canada and I have some warranty issues I find it very difficult get this rectified the human contact from your busisness and your providers is very poor could you help me out with this please my phone number is 1-306-961-4742 im at the point where I don't want to shop at your stores any more.

Alex

Thanks for this information. It is useful for me.

edwinpagan

To Mr Frank Blake , am a soldier in the USARMY and two years ago my wife submitted according to the SCRA and has never receved the 6% , and now i get a letter telling that my interest was 29.99% and it will be 17.99% what is this a game ? my last Four # of my account is 3941 , can you contact me personaly. thanks Mr Pagan