Home Depot co-founder Marcus says 'illogical' investors selling stock

SMYRNA - In his last board meeting with The Home Depot Incorporated, retiring co-founder Bernie Marcus told shareholders Wednesday he&#39;s puzzled about the company&#39;s struggling stock price, but urged support for his hand-picked successor. <br> <br> Marcus, who owns nearly 60 million Home Depot shares, advised shareholders to stay the course and sought to assure them that new chairman and chief executive Robert Nardelli, is right for the job. <br> <br> Marcus said, ``We made the right choice. This company is in good hands.&#39;&#39; <br> <br> He said he stayed on the home-improvement retailer&#39;s board an extra year to guide Nardelli, a retailing novice who joined Home Depot in December 2000 after serving as president and chief executive of G.E. Power Systems. <br> <br> Marcus spoke to about three-thousand investors gathered near the company&#39;s northwest Atlanta headquarters. <br> <br> He said, ``You don&#39;t see behind-the-scenes. I do, and I can assure you that every area where we had shortcomings are being addressed. Stay the course. This team is the right team and you have my word on it.&#39;&#39; <br> <br> Marcus received several standing ovations during the meeting. He said Wall Street has ignored the company&#39;s solid balance sheet and prospects, suggesting the shares have become attractively priced for buying. <br> <br> Marcus said he made his impassioned appeal to shareholders because many had expressed concerns to him about Home Depot&#39;s future with the departure of the retail giant&#39;s most prominent visionary and booster. <br> <br> A year ago, co-founder and former chief executive Arthur Blank retired from the company and left its board. He has since bought the Atlanta Falcons football franchise.

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