The Home Depot Announces Two Director Nominees for Election at Annual Meeting; Director David Batchelder Will Not Stand for Re-Election
ATLANTA, March 24, 2011 /PRNewswire/ — The Home DepotÃ‚® (NYSE: HD), the world’s largest home improvement retailer, today announced that J. Frank Brown and Ronald (Ron) L. Sargent have been nominated for election to the board of directors at the Company’s upcoming annual meeting on June 2.
Mr. Brown, 54, just completed his term as Dean of INSEAD, an international business school with campuses in France, Singapore and Abu Dhabi. Before his appointment as dean in July 2006, he served as a member of its board and as chairman of its U.S. Council. Prior to INSEAD, Mr. Brown spent 26 years at PricewaterhouseCoopers, where he held a series of leadership roles including head of its Assurance and Business Advisory Service, Transactions Services and Corporate Development practices. Most recently, he was the leader of its $3.5 billion Advisory Services operating unit. In June 2011, he will join global growth equity firm General Atlantic LLC as a managing director.
Mr. Sargent, 55, has served as chief executive officer of Staples, Inc., since 2002, and as its chairman since 2005. He served as president and chief operating officer of Staples between 1998 and 2002. Mr. Sargent joined Staples in 1989 as regional vice president, leading the company’s market entry in Ohio, and went on to hold additional leadership roles overseeing Staples’ worldwide operations, retail superstores, delivery business, supply chain and marketing initiatives. Prior to Staples, he held a variety of positions at The Kroger Co.
“We could not be more pleased with the two nominations we are putting forward,” said Bonnie G. Hill, lead director and chair of the board’s Nominating and Corporate Governance Committee. “Frank has strong technical expertise in financial and accounting matters, and Ron possesses extensive global retail and leadership experience. Both individuals would be terrific additions to our board.”
Separately, David H. Batchelder, 61, has informed the Company that he has decided not to stand for re-election at the annual meeting. Mr. Batchelder, founder and principal of Relational Investors LLC, has been a director since 2007.
“I am proud to have had the opportunity to work with the excellent management team and associates of The Home Depot,” said Batchelder. “I will continue to be a dedicated supporter of the Company.”
“David’s contribution to the board has been immeasurable. His perspective and input during the past four years have helped improve the business. The entire board wishes him well,” said Frank Blake, chairman and CEO.
The Home Depot is the world’s largest home improvement specialty retailer, with 2,244 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico and China. In fiscal 2010, The Home Depot had sales of $68.0 billion and earnings from continuing operations of $3.3 billion. The Company employs more than 300,000 associates. The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor’s 500 index.
SOURCE The Home Depot