Home Depot (HD-NYSE) announced more management changes, although traders probably won’t treat it with much event impact. Frank Fernandez, executive vice president, secretary and general counsel, AND Dennis Donovan, executive vice president, Human Resources, have resigned, effective February 14. That’s called house cleaning.
The company has promoted Tim Crow, most recently senior vice president, Talent, Organization and Performance Systems, to executive vice president, Human Resources; he’s been there since 2002.
In addition, The Home Depot has named Jim Snyder, vice president, Litigation and Risk Management, as interim head of the Company’s Legal department; he’s been there since 2001.
After Nardelli was forced out, you had to expect more changes. These aren’t major and you can probably expect more changes soon. Shares closed up 0.8% to $41.08 and are down almost 0.5% to $40.88 in after-hours. This isn’t a huge event for holders. A change in Supply chain, merchandising, purchasing, and marketing is what you have to really watch out for in the huge retail chain stores outside of a CFO change.
Jon C. Ogg
February 1, 2007
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