Home Depot, Ex-CMO Reach Settlement

ATLANTA John Costello, who was the chief marketer at Home Depot for three years before leaving the company last month, will receive his $725,000 annual salary for the next two years, according to documents filed with the U.S. Securities and Exchange Commission this week.

Costello also will receive a pro-rated portion of his annual bonus for 2005. The amount was not disclosed in the documents. In addition, he will continue to receive a variety of company benefits during the 24 months, including stock options.

Atlanta-based Home Depot announced Costello’s departure Aug. 19, saying he left “to pursue other business opportunities.” Tom Taylor, a 22-year veteran of Home Depot, was appointed to replace Costello in what the company described as “organizational changes.”

Costello was largely responsible for the company’s current “You can do it. We can help” campaign.