Home Depot has paid three executives $500,000 each in stock for taking on more work, and one of them is currently standing in as the company's principal executive officer
Five hundred thousand dollars each, in restricted stock, vesting in two years.
That is what the Leadership Development and Compensation Committee of Home Depot's board granted on Wednesday to three executive vice presidents, in a Form 8-K filed on Friday afternoon. The filing runs to two pages and the operative paragraph is four lines long.
The awards are tied to a reorganisation the company says it announced on 30 July.
Who took what
William D. Bastek, executive vice president for merchandising, has taken responsibility for the product development merchant portfolio, private brands included. Jordan Broggi, executive vice president for interconnected retail, has taken loyalty, credit services and payments. Richard V. McPhail, executive vice president and chief financial officer, has taken what the company calls its Office of Pro Acceleration, which the filing describes as spearheading coordination across Home Depot Pro, HD Supply, SRS Distribution and Construction Resources.
Four separate businesses, one coordinating office, and the office sits with the finance chief.
Each grant carries a grant date fair value of $500,000 and vests on the second anniversary of the grant date, which is 20 August 2028, subject to the executive staying through that date. The filing gives no share count. Three grants at that value is $1.5m of stock in total.
The name that appears twice this month
McPhail is the same officer this publication wrote about nine days ago, when Home Depot disclosed that its chair, president and chief executive was taking a temporary medical leave and split the job three ways. Ann-Marie Campbell took day to day operations, Gregory Brenneman took the chair, and McPhail was designated interim principal executive officer for the purposes of the Commission's rules. That filing said neither executive was being paid extra.
Friday's filing does not mention the leave, and the dates say why it does not have to. The portfolio expansions it is paying for were announced on 30 July, twelve days before the leave was disclosed. What the document establishes is a sequence and not a reason: the finance chief picked up an operating portfolio in July, picked up the principal executive designation in August, and was granted stock for the first of those two things on Wednesday.
The filing is signed by Teresa Wynn Roseborough, the general counsel.
