January 3, 2007

Bleep You, Bob Nardelli. Bleeeeeeeeep You.

Filed under: Business Moves,Consumer Outrage,Corporate Outrage,Scams — Tom @ 3:22 pm

This is one of those times when you have to adapt a saying Winston Churchill was fond of and remind yourself that “It is said that Capitalism is the worst form of organization for an economy, maximizing long-term wealth, and lifting people out of poverty — except for all the others that have been tried.”

Nardelli

When I first saw the headline about Bob Nardelli and his $210 million, I said “Good. I’m glad he’s giving that much back to shareholders as partial compensation for six years of miserable performance.”

Uh, no.

Bob Nardelli is 2007′s first and the year’s likely worst example of a greedy bastard who not only accomplished nothing at the company he supposedly ran, but systematically gutted it for the benefit of himself and his insider buddies. Yet HE is the one getting $210 million. Bleep you, Bob Nardelli.

Home Depot shareholders should not stand for this, but they’ve been doing the battered-spouse thing and putting up with so much abuse for the past six years, why would anyone expect things to be different now?

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UPDATE: Someone in a position to know e-mails me –

Incredible…..he destroys a company and its culture of success, pushes good people out the door, decides to quit and enjoy his remaining time on the planet and has a Friend of Bob (FOB) take his place to protect his misguided and lofty place in (the) history (of the company), as well as his picture on the wall. He leaves with more green than all of the people he has destroyed ever earned at HD.

UPDATE 2: A ONE-YEAR non-compete? Un,real.

UPDATE 3: Memeo is on it.

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Previous Posts:
- July 11, 2006 — Home Depot wants to own a bank (1st item at link)
- June 14 — Three Months from Hero to Goat? (first item at link)
- June 12 — Home Depot’s Arrogant Annual Meeting (fourth item at link)

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8 Comments

  1. Interestingly, I owned a (very small) amount of stock at the time of the last shareholder.

    There was a whole slate of proposals opposed by the board that was all about stopping this kind of madness.

    I voted against the board on just about every proposal, but it’s going to have to be the institutional investors that get some of this insanity to stop.

    Oh but SarBox will fix everything won’t it?

    Comment by dave — January 3, 2007 @ 8:55 pm

  2. Ha, just read the article, apparently I wasn’t the only shareholder giving the middle finger to Nardelli and the board. Good show!

    Comment by dave — January 3, 2007 @ 8:57 pm

  3. 3. I was going to do an update questioning how institutional investors can allow this to go on, but you raised the issue. It is insane. Nardelli according to other info got about $240 mil while he was at HD. So will have gotten nearly $450 mil for running the company into mediocrity that will take years to recover from.

    Comment by TBlumer — January 3, 2007 @ 9:40 pm

  4. More important is what Arthur Blank will do with the Atlanta Falcons next Head Coach and his investment in multimillion! Michael (I can’t read a zone pass coverage if it depends on my life)Vick. Is Blank still a shareholder in HD? If so he’s getting a double whammie coming!

    Comment by Nike in NY — January 4, 2007 @ 1:23 am

  5. #4, I would think Blank is still a shareholder — would be surprised if he’s not. How MUCH he has I have no idea.

    Comment by TBlumer — January 4, 2007 @ 7:58 am

  6. Why is this man still able to walk.

    Comment by george — January 5, 2007 @ 11:23 pm

  7. #6, now now, I’m not advocating violence. Temptation is fine, giving in isn’t.

    Comment by TBlumer — January 5, 2007 @ 11:59 pm

  8. Old CEO versus new CEO? My husband was fired after 21 years from Home Depot for making one wrong decision, did he get severance pay? Hell No. They even turned him down for unemployment. We were brought to the Carolinas by corporate in 1992, stupid mistake since NC is a right to work state. Beware if you live in NC because no matter how long you have worked there they can fire you just because they want to. He had 21 years and I had 10 when I quit. I told them I would rather be poor than make another dam cent for them.

    Comment by Nadine Hunter — January 23, 2007 @ 4:46 pm

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