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The Home Depot Names One to Board
By Home Furnishings Business in on February 2006
Angelo Mozilo, chairman and chief executive officer of Countrywide Financial Corp., has been appointed to the board of directors of The Home Depot.
"Angelo is a great addition to our outstanding board, bringing tremendous knowledge of banking, securities, real estate and casualty insurance," said Bob Nardelli, chairman, president and chief executive officer. "He co-founded Countrywide Financial Corp. on the principle that every family in America desiring to achieve the dream of home ownership should have the opportunity to do so."
In addition, Dick Brown is retiring from the retailer's board and will not stand for re-election when his term expires in May. Brown is retiring to meet the increasing demands of his professional responsibilities. He is the former chairman and chief executive officer of Electronic Data Systems Corp.
With the changes, The Home Depot board will consist of 12 members through its annual shareholders meeting in May. The board will include 11 outside directors, 10 of whom are independent.
"We thank Dick Brown for his five years of service and leadership, and his expertise in information technology," Nardelli said.
With these changes, The Home Depot board will consist of 12 members through its next Annual Meeting of Shareholders in May 2006. The 12-member board will include 11 outside directors, 10 of whom are independent, representing one of the highest percentages of independent directors in corporate America.