Bob Nardelli resigns as the CEO of Home Depot

Bob Nardelli has submitted his resignation as the chairman and chief executive of the Home Depot Inc.

Home Depot is the world’s largest home improvement store chain and it said that the decision was taken mutually between the company and Nardelli.

Nardelli had been facing criticism from the investors for his hefty pay and the poor performance of the company’s stock price ever since he took over the company.

He has been at the top of the company’s management team since 2006. Home Depot added that he is being replaced by Frank Blake who is currently the company’s vice chairman.

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