Atlanta, GA, Nov. 27--Home Depot Inc. said two directors, including Richard Grasso, the former New York Stock Exchange chairman and chief executive, won't stand for reelection next May.
Home Depot said in a press release Wednesday that Grasso confirmed his earlier decision in June not to stand for reelection to the company's board at the completion of his term in May.
The home improvement retailer said the other board member, William S. Davila, 72 years old, has reached the company's mandatory retirement age and will complete his term next May.
A Home Depot spokesman said the company currently has 12 directors, including Grasso and Davila. The board consists of 11 external members and one internal member.
In a prepared statement, Home Depot said "as part of the corporate governance process, the board will nominate directors for shareholder approval early next year. The company cannot speculate on future board decisions."
In September, Grasso was forced to resign from the Big Board following a public outcry over his $187.5 million retirement package.
