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 ...
LOL!!! Folks here don't understand....
Totally different situation. IN the case of actors/entertainers/writers they ARE the product that rakes in billions. And if you want the best you're going to have to pay good rates.
Now, mistakes are made, bad contracts are signed and sometimes you DO have to pay a guy to leave but generally it's not a corporation that has stockholders and in those fields, people are paid MORE when something does WELL or when they do well individually.
They are not paid the bulk of any money they've ever earned after being FIRED due to lack of performance.
Shaquille O'Neal made the Lakers money and deserved a piece of it with his huge contracts. What the hell did this dude (and others) make? They're being FIRED for poorly performing stocks or profit.
The situation is more analogous to government bureaucrats deciding on salaries and then making sure if any of them is fired, that a huge severance package is in the works so that they get paid when their time comes due. All without input or authority from the voters who actually pay their salaries.
Or how about consistent pay increases for Senators and other perks?
Those are totally different situations than CEO severance deals.
Instead of moaning/groaning about what you can't control.......
I had to take this sorry assed organization to freekin COURT to get them to honor a stinkin 200 buck rebate! Nardelli sucks.
"Bland and overrated??" Maybe old downtown is, but the metro ain't.
You're from Jersey. THAT'S RICH coming from a Jersey guy.
What exit?
BTW, I was never so happy as when I moved FROM NY to the South. Been in the Atlanta area since 1985.
"Hot-Lanta" is a ghetto surrounded by cookie-cutter suburbs with big box stores.
You did notice I have a latin tagline, eh?
I've never trusted anyone from Jersey, especially when I lived in NY.
Perhaps it's better you stay in Jersey -- ATL will be better off with you staying up there. ;-p
The "Garden State"???? OMG. Like, whatever.
Enjoy Atlanta, especially Buckhead during "Freak-nic."
Now that is a Brilliant statement.
Home Depot is the only stock I've ever lost money by owning. After expenses and barely break even performance, it was an incredibly disappointing buy, considering that the Ivan/Katrina booms should have had the stock rocketing as Lowe's did.
Just when were you elected to do away with free speech???
Doesn't seem to have helped them all that much.
I grew up in Pelham.
BTW, I NEVER go to Buckhead, or Peachtree St. on any weekend night OR 'Freaknick' ... (which hasn't come to ATL in years). When we have free time, we go north to NC, not SW to Atlanta.
Actually as a city, the City of Atlanta sucks. The area around it is wonderful.
Try to enjoy, in Jersey, a 4400 sq. ft house with 3/4 acre on a lake, with swim/tennis/golf; schools all within 2 miles, small and large box shopping -- and taxes under $2500/yr.
People up North like to knock the Atlanta 'thing', but you don't see many folks wanting to move back up to the NE. The City is fun, but don't make me live there.
p.s. I lived 'upstate' in NY (Warwick) and that was nice, as is a lot of NJ once you get well inland. Just bustin' your chops.
Barney Frank belongs in the slammer for lying to congress.
For what????.... what ninny paid him $210-mil????
Why do they regard people for bad performance? Do these jerks not get paid enough for the title??
Would NEVER move back to the Island, but my part of Jersey is nice, although I am surrounded by affluent Princeton Professors whose common sense is inversely proportional to their levels of education.
What did you do to be able to actually see HD employees doing anything? After the opening crew left a few weeks after the store opened, you would be more likely to see a tumbleweed in the aisle than a HD employee. I have never seen a store so understaffed. Lowe's is the place for me even if it is a little more expensive.
I used to work for GE (Aircraft Engines in Cincinnati, Oh). I left in 1994 and have not kept in touch with the company (other than talking with friends). What is the skinny on Immelt? Neutron Jack still ran things when I left.
Xacly. When you do see them they are together in groups talking about something important(to them), other than the 4 customers standing there needing help.
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