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Joseph DeAngelo, who helped build Home Depot’s contractor supply business, left the home improvement retailer last Friday, but will remain with HD Supply as its chief executive officer.
His resignation came one day after the company finalized the sale of HD Supply for $8.5 billion to a group of investment bankers. DeAngelo had been Home Depot’s executive vice president and chief operation officer.
In other news, the wholesaler distributor’s new owners say they will retain the HD Supply name. Home Depot not only had to drop the original price, but also paid $325 million to keep a 12.5 percent stake in HD Supply and guaranteed $1 billion in debt.