Atlanta, GA, January 19, 2007--Fresh on the job with a Florida private-investment firm, Home Depot's former head merchant and marketer played down speculation that he might rejoin the company, world's biggest home-improvement retailer.
Still, Thomas V. Taylor wouldn't rule out a possible return, which some analysts have said would make sense given new Chairman and Chief Executive Frank Blake's lack of extensive retailing experience.
"Like Michael Jordan said, 'Never say never'," said Taylor, who left Home Depot in October after 23 years, most recently serving as executive vice president for merchandising and marketing..
"I still love the company, but when I left, I wanted to do something different, and this gives me the opportunity to do that," Taylor, 40, told Dow Jones Newswires.
Earlier this week, Taylor joined Sun Capital Partners Inc., a Boca Raton, Fla.-based private-investment firm as a managing director. Sun Capital has $3.5 billion in equity capital under management, and its portfolio of companies includes the Bruegger's bagel bakery chain, GMAC Financial Services, ShopKo Stores (SKO) and catalog marketer Lillian Vernon.
At Sun Capital, Taylor expects to work with retailers and other types of companies. "I've got a ton of experience with Home Depot that can be applied to companies in their portfolio," said Taylor, who rose up the ranks at the Atlanta retailer.
A two-year consulting agreement with Home Depot that runs through January 2009 is not affected by either Taylor's new job or the resignation earlier this month of Home Depot's former chairman and chief executive, Robert Nardelli, Taylor said.
"I was asked to continue to be of service to the CEO," Taylor said. "I have met with Frank (Blake) a couple of times and I've maintained good relationships." He declined to detail his discussions with Blake so far but said he is encouraged. "Frank's taking a lot of the right steps," he said, declining to elaborate.
A Home Depot spokesman said the company is pleased Taylor will continue his consulting role and "greatly values his input."
Nardelli's tenure at Home Depot was marked by several executive departures, but Taylor said Thursday that his own wasn't related to any disagreement with Nardelli, whom he considers a friend.
"I didn't leave because of Bob, I left because of me," he said, adding he was born and raised around Hollywood, Fla., and still has family in the area.
Asked to comment on whether his new line of work might raise some eyebrows, given that some on Wall Street believe Nardelli's departure makes a leveraged buyout of Home Depot more likely, Taylor replied, "There's zero connection."
"Sun Capital doesn't operate funds quite that big," he said.
Analysts have said a Home Depot buyout would be the biggest ever, roughly $100 billion.
