New Home Depot CEO Could Earn $8.9M
Atlanta, The Home Depot Inc.’s new CEO could earn as much as $8.9 million in total compensation this year, the retailer said in a regulatory filing Wednesday. Frank Blake’s compensation is smaller than the roughly $24 million a year on average that former CEO Robert Nardelli received.
According to Wednesday’s filing with the Securities and Exchange Commission, Blake will earn a base salary this year of $975,000. He also could be entitled to a management incentive-plan award equal to double his base salary and a long-term incentive award equal to his base salary.
The filing says Blake’s compensation for 2007 also includes up to $5 million in equity in the company based on how Home Depot’s share price performs and the amount of total shareholder return.
CVS Announces Two Key Exec Promotions
Woonsocket, R.I., CVS Corp. has announced the promotions of two key executives. Larry Merlo has been promoted to the newly created position of president of CVS/pharmacy, retail. Chris Bodine has been promoted to the new position of president of CVS Health Services. These new assignments have been made in response to the company’s rapid growth and to help support future expansion.
Merlo, who most recently served as CVS’s executive VP of stores, has been with the company for over 16 years and has more than 25 years of chain drug experience. In his new role, Merlo will be responsible for store operations, merchandising, logistics, inventory, marketing and field operations support.
Formerly executive VP of merchandising and marketing, Bodine’s experience at CVS spans more than 20 years. His new responsibilities will include pharmacy merchandising, business development, IT, MinuteClinic and PharmaCare.
Goody’s Hires Former Limited Executive
Knoxville, Tenn., Goody’s Family Clothing Inc. on Monday named a former Limited Brands executive as its new CEO. Chuck Turlinski, who for the past three years was the CEO of The Limited Brands Inc., spent the past 10 years as a senior manager in various divisions of Limited. He will assume the new job on Feb. 14.