March 30, 2009

Home Depot chief waived 2008 bonus check

U.S. retail giant Home Depot said Chief Executive Officer Frank Blake agreed to skip his $1.2 million bonus for 2008 in light of the deep recession.

The home repair retailer has laid off thousands of workers and closed underperforming stores since the recession began, The Atlanta Journal-Constitution reported Monday.

Top executives have also seen perks vanish, such as long-term life insurance, use of company cars and reimbursements for certain tax payments, the newspaper said.

A Securities and Exchange Commission filing said executive salaries were little changed in 2008. Blake's base salary rose by $5,769 to $1.013 million

Chief Financial Officer Carol Tome's salary fell almost the same amount, dropping by $5,192 to $901.923, the filing said.