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Home Depot CEO resigns after six years, lousy performance and $450 mil. in compensation

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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:37 PM
Original message
Home Depot CEO resigns after six years, lousy performance and $450 mil. in compensation
January 3, 2007

CEO PAY UPDATE.... Charles Munger, Warren Buffett's partner at Berkshire Hathaway, talks to the LA Times about the insane levels of CEO compensation these days:

Snip...

Do you think this might be what Munger is talking about?

Embattled Home Depot Chief Executive Robert L. Nardelli, under fire from stockholders for earning hundreds of millions at the same time the company's stock fell and market share dropped, resigned suddenly today and will walk away with a severance package of $210 million, the company announced....During his tenure, Nardelli earned $240 million in salary, bonuses and stock options.

....During his leadership of the nation's second largest retail chain after Wal-Mart, Home Depot lost market share to home-improvement rival Lowe's Cos. and its stock price declined almost 8 percent.

Let's get out our calculators. $450 million for six years of service comes to....about $75 million per year. And this is for reducing Home Depot's value and losing market share to its main rival.

I wonder what Nardelli would have been paid if he had actually increased Home Depot's value? Would there be enough money in the world?
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leftofthedial Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:38 PM
Response to Original message
1. screwing workers
pays good
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villager Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:40 PM
Response to Original message
2. why are all these assholes allowed to "fail upwards?"
n/t
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Ian David Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:41 PM
Response to Reply #2
4. Because corporations can't award The Medal of Freedom. n/t
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PA Democrat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:43 PM
Response to Reply #2
8. Because people who serve on the boards of directors of these big
corporations are members of an exclusive little club. The CEO of one company will often serve on the boards of a number of other companies. The CEOs of those companies may serve on the board of his company.

The greedy bastards take good care of each other.
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villager Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 08:24 PM
Response to Reply #8
11. indeed they do.
it was more or less a rhetorical question -- these fucking "by your bootstraps" elitists....
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Ian David Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:40 PM
Response to Original message
3. For $450 million dollars, I bet even I could fuck-up worse than Nardelli did.
Put me in charge of Home Depot for a year, and I absolutely promise to get everyone on the board of directors indicted for war crimes, drive the company into bankruptcy, and start a war between Lichtenstein and Australia.
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ThomCat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:41 PM
Response to Reply #3
5. For $450 million I could fuck up far less.
x(
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Ian David Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:43 PM
Response to Reply #5
6. Well, it's Home Depot. They deserve to get fucked-up. n/t
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zbdent Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 07:43 PM
Response to Original message
7. Hope that a good chunk of the $450M is in
"Made in the USA" stickers for on cardboard boxes made in China ...
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tbyg52 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 08:09 PM
Response to Original message
9. Embattled?! EMBATTLED????!!!!!!!
I submit that it is not physically possible to be "embattled" when you are walking off with that kind of money. I could put up with a *lot* for that kind of money.

:mad: :puke:
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LSK Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 08:11 PM
Response to Original message
10. BUT BUT BUT CEOS DESERVE THEIR PAY
:sarcasm: :sarcasm: :sarcasm:
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MN ChimpH8R Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 08:30 PM
Response to Original message
12. People like Nardelli should
be put up against a wall and Ceaucescued. And after that, every fucking penny of his compensation should be recovered by whatever means are necessary, including selling his family into slavery, and distributed in equal shares to everyone at the company making less than the national average salary.

God I hate these fucking corporate pigs. :nuke: :grr:
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Deja Q Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 08:32 PM
Response to Original message
13. Most people who fuck up get no bennies. Why does he deserve $450M?
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tbyg52 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-03-07 08:39 PM
Response to Reply #13
14. He doesn't
Any other questions? :mad:
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