NEW YORK (Standard & Poor's) Jan. 3, 2007--Standard & Poor's Ratings Services said today that Home Depot Inc.'s (A+/Stable/A-1) announcement of the immediate resignation of Robert Nardelli, its chairman and chief executive officer, has no current effect on the company's rating or outlook. Nardelli will receive a $210 million severance package, a large amount but not material to the rating at this time. He is being replaced by Frank Blake, the company's vice chairman; other current executives, including the CFO, are being given expanded responsibilities. In conjunction with the management changes, the Board of Directors also announced that it had waived the retirement age of 72 and has asked three current directors to stand for re-election at the 2007 annual
