Atlanta, GA, Nov. 20—The Home Depot’s board of directors has elected Robert L. Nardelli, president and CEO, as chairman of the board of directors effective January 1. Nardelli's title becomes chairman of the board and CEO of The Home Depot.

Nardelli replaces Bernie Marcus, Home Depot co-founder, as announced when Nardelli joined the company last December. Marcus will leave the position of chairman at the end of the year, and will continue on the company's board until May, when he will reach the mandatory retirement age of 72.

"Bob Nardelli has exceeded all expectations in terms of his leadership and contributions he has already made to Home Depot," said Marcus. "The company's achievement of record earnings in the third quarter is a testimonial to Bob Nardelli and all of the 250,000 orange blooded Home Depot associates who are working with him to take the company to the next level."

Nardelli joined Home Depot last December as president and CEO, following a successful career at GE Power Systems, where he was president and CEO. Nardelli started his career at GE in 1971, advancing through a number of leadership positions.

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