ATLANTA, GA: Home Depot's new CEO plans to spend the beginning of his tenure to take stock of the embattled company, according to a statement.
Former CEO Robert Nardelli resigned from his post earlier this week, and the company replaced him with vice chairman Frank Blake, who has been with the company for the past four years.
Shareholders criticized the world's biggest home-improvement chain and Nardelli for receiving a high salary while the company's stock price and market share had dropped. His severance package was reportedly $210 million, only $30 million less than what he made during his six years with the company.
Home Depot would not comment on future plans beyond a company statement, which read, "Frank Blake and his team plans to spend the next few weeks listening hard to investors, associates, customers, and other stakeholders and we will have more to discuss at our investor meeting in February."