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Report: Ex-Home Depot CEO granted $134.5M in compensation

ATLANTA - The former chief executive of The Home Depot Inc., Bob Nardelli, was granted a whopping $134.5 million in compensation last year as valued by the company, according to an analysis of a regulatory filing by the world's largest home improvement store chain Friday.

A sizable chunk of the compensation was related to Nardelli's severance package from the Atlanta-based company.

Nardelli, who resigned from Home Depot in early January after six years with the company, received a salary of $2,331,538, a bonus of $3 million, non-equity incentive plan compensation of $3 million and other compensation of $100,202,137. He also received stock and option awards last year that had an estimated value of $25,924,250 on the days they were granted.

Home Depot's annual proxy said Nardelli also received $40,441 in preferential earnings on deferred compensation.

The Associated Press calculations of total compensation include salary, bonus, incentives, perks, any above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

Nardelli resigned amid a furor among investors over his hefty compensation in light of the company's lagging stock price. He took with him a severance package valued at $210 million, and a sizable portion of that package is included in his reported compensation for last year.

Nardelli was replaced by Frank Blake, who was previously vice chairman of Home Depot's board.

The compensation for Nardelli listed under all other compensation includes $168,835 for use of company aircraft, $648,167 for company-provided security, $246,122 for life insurance, $305,355 for tax reimbursements, a $20 million severance payment, other payments of $18,565,984 and $44,701,212 related to equity compensation expense recognized by the company in fiscal 2006 for the accelerated vesting of option and stock awards for Nardelli on Jan. 2 of this year.