Home Depot CEO's 2008 total pay rises

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

The 2008 pay compared with about $8.3 million he earned in 2007.

Blake, 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 retailer said in the filing.

Home Depot moved to tie most of Blake's pay to performance in 2007 after criticism that it overpaid Nardelli, who worked for six years at the home improvement chain before he resigned under fire.

Nardelli benefited from accelerated vesting of restricted and deferred shares under the terms of his employment agreement.

Earlier this year, Home Depot warned that profit per share would fall for the third consecutive year as the recession and weak U.S. housing market hurt sales.

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

Its shares were down 2.6 percent, or 60 cents, at $23.03 on the New York Stock Exchange on Monday.

(Reporting by Dhanya Skariachan in Bangalore; editing by Maureen Bavdek and Jeffrey Benkoe)