Home Depot to Review CEO Pay
Atlanta, The Home Depot Inc. said on Monday its board would review the compensation of chairman and CEO Robert Nardelli, who came under criticism earlier this year from shareholders who charged his pay is not in line with the company’s performance.
“This year, as in previous years, the independent members of the compensation committee will take a fresh look at executive compensation, using business performance, independent benchmarking and other input as determining factors, the retailer said in a statement.
The statement came amid a published report from Dow Jones that quoted Bonnie Hill, head of Home Depot’s leadership development and compensation committee, as saying directors were reviewing metrics used to set the CEO’s pay.
Nardelli was sharply criticized earlier this year as shareholders charged the retailer’s stock performance has languished since he arrived at the company in late 2000. Federal filings show the chief executive has earned as least $119.2 million in that time, excluding options and some other compensation, while the stock price is off 10%.
Gottschalks to Close Store in Seattle
Fresno, Calif., Gottschalks Inc. announced it will close its store in last remaining location in the Seattle metro area at the end of the month. The costs associated with the closing are estimated to be approximately $370,000 on an after-tax basis.
Apple Updating Store Design
San Francisco, Apple will introduce new design features at its retail stores later this month, according to a report in Wednesday’s San Francisco Business Times. The updated features drawn from Apple’s flagship on Manhattan’s Fifth Avenue, will be unveiled Sept. 23 at new stores in Providence, R.I., and Columbia, Md.