Home Depot CEO takes higher pay, but foregoes bonus

Home Depot Inc's Chief Executive Frank Blake took home slightly higher pay in 2008, despite his decision to decline the bonus offered as part of his compensation.

Blake's total 2008 compensation was about $8.6 million, including salary, bonus, the value of stock and option awards and other compensation, according to a proxy filed by the company with the U.S. Securities and Exchange Commission.

This compares with about $8.3 million he earned in 2007.

Blake, who was named CEO in early 2007 after Robert Nardelli resigned, got a bonus of $500,000 in 2007.

"Although Blake was awarded a fiscal 2008 MIP (management incentive plan) bonus of $1,200,888 based on the achievement of pre-established performance targets, he voluntarily waived it and did not accept this portion of his earned compensation," the home improvement retailer said in the proxy filing.

In February, Home Depot had warned that per-share profit would fall for the third consecutive year as the recession and softer U.S. housing market took a bite out of sales.

Home Depot will hold its annual meeting on May 28 in Atlanta.