Dependable Erection

Wednesday, January 03, 2007

"slow progress . . . likely hurt him."

From Reuters:

Home Depot Inc. (NYSE:HD - news) Chairman and Chief Executive Robert Nardelli has abruptly quit after a year of heavy criticism for everything from his pay package to the underperforming retailer's corporate governance.

Nardelli, 58, will walk away with a severance package of about $210 million. He and the company said in a release that his leaving was a "mutual decision," and Home Depot shares were up more than 3 percent.

. . .

Nardelli, one of the three executives in the running to succeed GE chief Jack Welch years ago, came to Home Depot with much fanfare, but drew mixed reviews from some on Wall Street, who noted his lack of retailing experience.

"A combination of an autocratic managerial style, much higher compensation than others in retailing and slow progress on the key merchandising and distribution system improvements needed to return Home Depot to its better years likely hurt him," Credit Suisse analyst Gary Balter said in a research note.

We should all be hurting so bad.

$210 million works out to the wages of a thousand employees making 10 bucks an hour.

For ten years.

None of whom get anything for getting fired for non-performance.


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