“We thank both Frank and Dennis for their commitment to the company during their tenure here, and we are grateful for their service to The Home Depot. We wish them well in the future,” Home Depot chairman and CEO Frank Blake said in a press release.
Under the terms of his 2001 employee agreement, Donovan is entitled to a multimillion-dollar severance package, which was triggered by the January 3 departure of president and CEO Robert Nardelli.
According to Home Depot’s April 15, 2006, proxy filing, “cessation of a direct reporting relationship with Mr. Nardelli” entitles Donovan to leave the company “for good reason” and receive “all cash compensation accrued but not paid as of the termination date and certain additional benefits, including salary and target bonus continuation for 24 months and immediate vesting of all unvested equity-based awards.”
Consultants who reviewed the proxy statement, which includes Donovan’s past compensation, estimate that Donovan could receive $15 million to $20 million, plus retirement benefits, stock options and compensation already earned.
Home Depot said that it has promoted Tim Crow, most recently senior vice president of talent, organization and performance systems, to executive vice president of human resources, where he will oversee all human resources activity for the organization. In addition, Home Depot has named Jim Snyder, vice president of litigation and risk management, as interim head of the company's legal department.
Crow joined Home Depot in May 2002 as vice president of performance systems. In February 2005, Crow was promoted to senior vice president. Prior to joining Home Depot, Crow spent 24 years in various retail management positions within finance, accounting and human resources for Sears, Roebuck & Co., and then Kmart.
Atlanta, where he was a partner and focused on commercial litigation. He was promoted to vice president in 2004, and in 2006 his responsibilities were expanded to include risk management.
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