Posted on 01/03/2007 3:49:14 PM PST by seacapn
(AP) Dogged by criticism of his hefty pay and his company's poor stock performance, Bob Nardelli abruptly resigned as chairman and chief executive of The Home Depot Inc. after six years at the helm of the world's largest home improvement store chain, the company said Wednesday.
But he didn't leave empty-handed: the Atlanta-based company said Nardelli would receive a severance package worth roughly $210 million, an amount decried by some lawmakers as a golden parachute that sends the wrong message to investors.
"It's a sign of being totally out of touch," said Rep. Barney Frank, D-Mass., the incoming chairman of the House Financial Services Committee. "They don't understand the extent to which they make the American public angry."
Frank said he would push for legislation requiring public companies to allow shareholders to have a say in compensation and severance for senior executives. At Home Depot's annual meeting last May, shareholder proposals to give investors a say on the CEO's pay and to restrict retirement benefits for senior executives were rejected.
(Excerpt) Read more at cbsnews.com ...
My expectations are more modest. I would be happy with getting 1% of that amount.
The ways of Free Market are mysterious and inscrutable!
I got the money X3. Small claims court is a wonderful thing.
"Proof reading might help."
Might help what? Certainly not your snotty, elitist attitude.
You in-house closet-socialists always show up on thse threads. Capitalism is great until somebody you don't like gets rich off it. You don't like what HD did? Sell your stock and never set foot in another store. But for God's sake stop trying to cram your freaking socialism down my throat because of your nasty class envy.
You can make money in up and down markets. Takes discipline that the avg. sheeple doesn't have.
Believe me, I get torqued about mega-millions for bad performance. But I don't let it swamp me...I got better things to worry about. HA!!
FRegards,
I would suspect that they will have the same rules that Home Depot has soon - cutting operating costs is something that these stores are always looking at and copying from each other. Look at it from the store's point of view. I have 8 guys to do freight, on 3rd shift (for example). If a truck comes late, I have to pull freight people to unload the truck when they should be stocking the store. I also have to pay receiving OT to stay over to receive the goods. If it comes early, I have to get sales associates to help out when they should be on the floor with customers. And like I said, when you get a shipment a day late, then the freight crew suddenly has one night with nothing to do, and another night with twice the amount of pallets to stock. I can't easily call up sales people and say - "how about coming in tonight from 9:30 to 6:00 AM to help freight"? I used to work freight there for a while when I got layed off, and double shipments were always a nightmare for us. (And don't get me started on Roadway - where the pallets would be smashed or the contents torn completely from the pallet and placed back on upside-down).
I did appreciate hearing your side of it.
At that level resignation = fired. Executives are allowed to "resign". Only the troops get fired.
For all you Nardelli lovers, he’s back.
From WSJ UpDate: NEWS ALERT
from The Wall Street Journal
August 5, 2007
Robert Nardelli will become CEO and chairman of Chrysler.
I do shop in Brentwood, TN’s Home Depot and for what its worth I never saw any improvement in the store during his reign, but then since his departure not much has changed either.
Going to Chrysler, well that puts all the peas in the same pod.
Al
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.