What is Digg?68 Comments
- gronne, on 10/12/2007, -3/+35They can do crazy ***** like that but then expect people to believe that they can't do better than to offer a $10/hour employee a a crappy health plan with a $1500 deductible.
- Raz75, on 10/12/2007, -0/+27Jesus Christ. My business is closing its doors in nine days, I'm flat broke and don't even know how I'm going afford food for the rest of the month, and this ***** get a $210 million severance package for running his company into the ground?
*****. Just.......*****, man......I don't even know what to say. - crombenevolant, on 10/12/2007, -1/+24I am so qualified to get fired from a CEO job... All I need is a chance to prove that I can poorly run a company, I could then leave disgraced with my hundreds of millions of dollars.
- trer, on 10/12/2007, -0/+19They wonder why Home Depot's stock has been going south, maybe it's because they pay this numbskull $240million to screw up and then $210millin for him to leave. That's $430million that could have been re-invested into the company. If I was a shareholder, i'd be pissed at this waste of money.
Bottom line, these severance packages are out of control. Would be nice to get a severance package at my job if I were to leave. Somehow I don't think that's going to happen. - sockpuppets, on 10/12/2007, -0/+17Was that her? She gives me wood every time I stop by.
- john408408, on 10/12/2007, -1/+18why wouldn't you tie bonus compensation to performance? this is beyond me. The board should get canned too, but of course, you need board approval to fire board members, so they'll never get fired.
- Chrissie, on 10/12/2007, -2/+17Must be nice to suck at your job and get that kind of cash. I make it a point to never shop there. Obviously it doesn't make much of a difference.
- ynggrsshppr, on 10/12/2007, -0/+15Yeah it sucks. We live in completely different worlds from this guy.
$210M can pay 4200 employees a salary of $50,000 for a year. Or one employee that same amount for 4200 years. - olives, on 10/12/2007, -0/+11LOL at his Wikipedia entry: http://en.wikipedia.org/wiki/Robert_Nardelli
"Bob will not be missed by the 350,000+ employees of The Home Depot, God save the employees of whatever company he goes to next."
That's great. - trer, on 10/12/2007, -0/+10you mean he couldn't survive the rest of his life with only a $10 million severance package (as opposed to $210million)
I'd be ecstatic to get $1 million or $500,000 or even $10,000. Hell, if i saw $1 on the street, I had a good day. - ynggrsshppr, on 10/12/2007, -0/+7Sorry CAPM, but I disagree. It has been found that CEOs of larger corporations do get paid more than CEOs of smaller corporations regardless of performance. Btw, shareholders and owners do not determine CEO compensation. The board of directors do.
:) - SammyJr, on 10/12/2007, -0/+7@CAPMCrunch
Are you a wannabe millionaire? I mean, you support the incompetent jackass like he was one of your boys and in the same breath you show your contempt for people who aren't wealthy.
Oh, and the shareholders don't determine how he gets paid. And where do you even get the idea that Home Depot's customers had any input on his compensation? In reality, his close friends on the board determine how much he gets paid. - vt19991, on 10/12/2007, -0/+7I am sure there will many capitalistic pigs out there who would justify this saying that it was in his contract even before he took on the job. This is not capitalism but looting by these criminals with these criminals making quid pro quo deals in each other's boards.
I heard on one show one of the guys who represents these CEO criminals in negotiating their pay packages. He was explaining how the individual(s) who decide the pay package eventually end up reporting to the same person they are evaluating the pay package for.
I am amazed that this is not generating the kind of anger that it deserves. - InetRoadkill, on 10/12/2007, -0/+6I'll send them my resume. I can run a company into the ground just as efficiently as this *****, and I'll do it for half price. Everybody wins!
- meshgiath, on 10/12/2007, -0/+6Home Depot is in it deep. I worked there when this guy came in as CEO. As soon as he did, the Depot turned into a damn flea market.
Suddenly we had ridiculous K-mart like impulse buy sections up front with stuff like TV's, candy, cokes, VCR's, DVD players, phones, etc... Ya know - sh*t that HOME IMPROVEMENT stores DON'T friggin sell. If THAT is all Nardelli did for Home Depot (and it sure looks that way), I'd send him home penniless.
He friggin worked for G.E. before coming to Home Depot! Give me a break. Good damn riddance Bob. - floppyparty, on 10/12/2007, -0/+6I think Home Depot has a job opening. I hear the failure benefits are great.
- TenebrousX, on 10/12/2007, -3/+8"Must be nice to suck at your job and get that kind of cash"
interestingly enough, porn stars do - geometry, on 10/12/2007, -1/+6Sell, Sell, Sell. And whatever company he goes to next, sell their stock off also.
***** only get away with this because the vast majority of stock holders are too lazy / stupid to put their money where their mouth is. If you don't like the decisions a company makes and you own stock in them sell that *****. I know one person won't make a difference but if only 5% of stockholders would do this you better believe the corporate world would think twice before doing this crap.
Corporations have been screwing people for decades. Only in the past they mostly screwed people in third world countries, now that they've taken all they can from those people they're turning on their own.
WAKE UP AMERICA - SwabTheDeck, on 10/12/2007, -0/+5Not really, Arthur Blank and Bernie Marcus (the founders) were the ones who generated the explosive growth that made HD so big. When they left, Nardelli took over. Nardelli has increased profits, but has done absolutely nothing to increase stock value. In fact, adjusted for splits, the stock has decreased about 3% in the ~6 yrs that Nardelli has been in charge. My family used to have tons of money invested in HD, but the stock has been at about 40 for as long as I've personally watched it and I sold all of mine, and I believe some of the other family members sold a lot (if not all) of theirs because of this. He's never introduced any plans or programs that would even remotely resemble something that might boost the value of the company. He's been worse than useless because when a company this size stagnates for this long, it's very hard to gain any sort of forward momentum. It also doesn't help that despite the stock value staying the same, HD has also pretty much saturated the US market completely. I don't know what can be done at this point. I'm glad I got out when I did.
- floppyparty, on 10/12/2007, -0/+5@CAPMCrunch
So you think that the $210 failure bonus is justified? - PleaseJustDie, on 10/12/2007, -1/+5I really don't think people are being too serious about this. I think they are trying to point out the stupidity of a company for giving a failure 210 million dollars while their hard working employees barely make over minimum wage. ***** if I could work hard for a few years and fail and make 210 million I'd be happy.
Doesn't make the board members any less retarded for doing so. - JohnnyHuh, on 10/12/2007, -0/+4These huge packages for CEOs and other execs that don't perform well do not speak well to what's really important to these companies. I will make more of an effort to not shop at Home Depot because they reward such utter incompetence with ginormous payouts.
CEO's should be rewarded if the company does well, not just for standing and holding on to the wheel while the company bashes into icebergs. - Protean1, on 10/12/2007, -1/+4This is the sort of disconnect that only gets bridged by an angry mob waving torches and pitchforks, pouring through the gates of whatever little estate this classy fellow lives in.
- Stonedonkey, on 10/12/2007, -0/+3I worked at a Home Depot back in college. Great store -- if you can somehow find what you're looking for in that enormous and understaffed stadium of a building. Also, long lines at checkout. You could pretty much count on that. But hey, everything was competitively priced, so customers always came back, no matter how frustrating the experience was.
In my experience, people don't factor time and convenience when they can shave 5% off the total cost of their home project. Home Depot makes its money on the tightness of the average fist, certainly not because it's a good place to shop. - sockpuppets, on 10/12/2007, -3/+6"interestingly enough, porn stars do"
For 210 million I'd take it in the ass. Yessir, I believe I would. - RoseEk, on 10/12/2007, -0/+3great title =)
- crombenevolant, on 10/12/2007, -0/+3I think the thing that irks everyone is that he was ousted for taking 200 mil in compensation while company had lackluster performance, and recieved a severance of around 200 mil.
- postaldave, on 10/12/2007, -0/+3is it just me or are most home depots one giant *****?
the one in lexington kentucky is trashed 24/7. their flooring department desk is made from 2X4s nothing else. - jwxa, on 10/12/2007, -0/+3He should have received Home Depot Gift Cards instead of a 210 billion dollar comp package.
- munkyxtc, on 10/12/2007, -0/+3Well, I see their new CEO is a GE alum also; my guess is he'll be no better than the guy he is replacing; as we all know [or should know] GE is a profiteering glutton of a company that will stop at nothing to inprove the bottom line a half a cent no matter at what cost to the people who work for them.
- kraziet, on 10/12/2007, -0/+2I am very glad he has resigned from the company as CEO, working for HD for 4 years..it has changed a lot, and not for the better, it has just gotten bad, our compensations were removed, slow sales, rules changed to too strict, many others. I hope that this Frank guy can make some changes or go back to old ways or do something better than Bob, too bad Arthur and Bernie had to age, and left ownership of the company, they ran the company sooooo great, it was a time were people WANTED to work for home depot, just because benefits were good, they treated you good, less strict, great compensation, etc...I hope this new CEO can bring some changes, if not...well too bad for them, because I'm going to do like 1 more year with them, and then im done! 5 years will be enough, and will be time to move on to something different.
- nicklar, on 10/12/2007, -0/+2He might suck at being a CEO, but he certainly knows how to negotiate a contract! Shame on the board for hiring him with the payout clause and kudos to him for hooking himself up.
- encognito, on 10/12/2007, -0/+2Hey dimitri,
Are you a successful CEO? Do you run a C Corporation with thousands of employees, shareholders and a board of directors? Do you even have 1 share of HD stock? No? I didn't think so. So you can just stop screeching about capitalism and just CEO compensation as if you have some rare insight, education and experience about the matter that gives you a right to tell other people to stop whining. I owned HD stock through a mutual fund and personally knew two of the HD board members who were also on the board for another organization I worked for. So this affected me financially and personally. And for the record, I am not mad at the CEO but the board that paid him nearly half a BILLION dollars to gamble 7 BILLION dollars of the companies money away. That was a dumb deal and smacks of corruption at the highest levels. - Raz75, on 10/12/2007, -0/+2@ dimitrisokolov
You stupid *****. Did you even read what I wrote? - psbpv3o, on 10/12/2007, -0/+2My mom works at home depot...
- MachBoy, on 10/12/2007, -0/+2good riddance! of course. take the shareholders' money and run, bob. at least the wealth transfer from owners to nardelli will now end. the board has ranged between condescending and derelict and should go as well... at a minimum it would be nice if the board were to pay FOR performance and not in the hope of it.
- inactive, on 10/12/2007, -1/+3They suck on the job, which is a bit different.
- spenderaka, on 10/12/2007, -0/+2Simple, find out who the board members are expose them shame them to the point that they won't be appointed to another board.
But alas, they don't care, their above the common man. They are the ruling class don't cha know? - sk545, on 10/12/2007, -0/+2"offer a $10/hour employee a a crappy health plan with a $1500 deductible."
*****, who said they pay you $10? Most start out at $8. You get $9 if you give them a blowjob on the job interview. However, their expensive ass health plan is quite top notch...ask any depot employee. Its the only "good" thing about the job.
"No wonder we have so many morally bankrupt big shots, destroying what little the blue collar worker has."
They did what they had to do. Blame the big shots all you want, but trust me, you would do the same exact thing if given the oppurtunity. Morals and whatnot go straight out the windows as soon as you start seeing cash in millions/billions. - tooasianguys, on 10/12/2007, -0/+2Severance packages and outrageous compensation like this is standard for high level execs. I'm not defending it, but I believe the biggest reason this occurs, in all industries, is that the board basically wants to shuffle them out the door but they also know that the CEO knows the companies biggest secrets, good and bad. So in a way, the "severance pay" is hush money. "Hey, sorry we have to can you, but you sucked. By the way, don't disclose sensitive information like product development or accounting info - here's $200 million to help you remember not to open your mouth."
- jftuga, on 10/12/2007, -0/+2If Mr. Nardelli had (instead) made the $210 million dollars over the six year period that he work for Home Depot, he would have made about $96,000 per day. According to Wikipedia (OK, I know it is not 100% accurate, etc.) he did not even work for HD before becoming it's CEO.
- dmron, on 10/12/2007, -1/+3I had to flag this as inaccurate. Just because the stock price didn't go up, doesn't mean he did a bad job. Try reading some facts about what he did for the company, and then comment. The linked article is all negative spin. Try reading this one instead - http://www.msnbc.msn.com/id/16451112/page/2/
Not that I'm defending him or Home Depot - I hate that company and I think $210 million is a ridiculous amount of money to pay anyone, for anything. But I can't stand it when people don't have their facts straight and just jump all over people like this. - vt19991, on 10/12/2007, -0/+1dimitry is not right. he is just a kool aid drinker who buys all of the hype and does not use his brains to figure things out for himself. hey, may be he is aspiring to be one such CEO and steal other people's money.
- mrbelvedr, on 10/12/2007, -0/+1donkey is totally right. hd and lowes are both the worst shopping experiences i've ever had. it is always consistently bad. next time you go in there, ask one of the employees why the service sucks so bad, they will freely tell you that nobody wants to work there. The ones that work there know that they cannot be fired, it is like the government.
i suppose it depends what part of the country you are in but in urban/suburban areas man these stores suck soooooo bad. the last time i received good help from hd i actually tipped the person ten dollars. Also i have drastically reduced my spending at these places, i am going to smaller millwork centers and hardware stores when i can find them locally. I don't care if i have to pay a little extra, it is worth it for good service.
I remember when I worked for Lowes about ten years ago. I was really friendly and helpful to everybody that approached me and I knew what I was talking about when they needed advice. But i got fired for consistenly being ten minutes late every day for the 3 weeks that I worked there. This was in Salisbury Maryland. The manager was such a dick. Dude had half his faced burned off in a fire and was still a dick. - residentofevil, on 10/12/2007, -0/+1Most former GE executives are overrated.
- sparc, on 10/12/2007, -0/+1Yea its too bad they don't help out the "little guy". Well people you can complain but the only way the board will learn their lesson is that we (the consumers) is start to shop elsewhere. I have been spending more of my home repair dollars at Lowes and some small local hardware shops.
- drk1t, on 10/12/2007, -0/+1 The company made money, the brokers made money, and the investers? Well, two out of three ain't bad.
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- rpfromcp, on 10/12/2007, -0/+1Paying a CEO $210,000,000 for quitting his job. What a good idea. Oh sure, they could have used that money to hire 600 cashiers and pay them $35,000 a year for the next 10 years, but then you wouldn't get to have the fun of working the register in the self-checkout line.
This isn't capitalism, this is obscene greed. The time has come to stop doing business with companies like Home Depot that pay hundreds of millions of dollars to their top management while the people who do the actual work are getting laid off or having their benefits reduced.
Boycott Home Depot! - vt19991, on 10/12/2007, -0/+1Dimitry,
You need to use the little brains you have and buy all of the hype that is being thrown at you man. Just think for yourself before you throw out the standard 'that is capitalism' line.
Any one of you can form a corporation and become CEO of your own corporation in about 15 minutes time.
These guys did not even start their own companies. They play with other people's money.
This is how it works.
Does not mean this it is right or that is how it should work. Stop drinking the cool aid man.
The shareholders and board obviously felt this was a good bet to offer
the dude $210 million package or they would not have done it.
Most shareholders have no say in deciding how much the CEO makes. Heck they don't even know how much these criminals are looting until they leave the company in controversy like this.
Everyone is running around like they deserve more money.
This is not about everyone else thinking that they deserve more money. It is about these criminal dipping into everyone else's pockets and stealing money. It is about these guys firing thousands of employees. Not giving the hard working employees what they deserve while they take millions of dollars.
If you had a better opportunity, you would have taken it. Face facts, the ***** job you are in now is the best thing that most of you having going for you because you are too lazy to do anything about it
Not every one is that motivated to make money by screwing so many people. You certainly seem to have the right
attitude and moral compass to be such a person, heck you can be a CEO and get fired and make millions of dollars. - inactive, on 10/12/2007, -0/+1Wow, gotta love capitalism.
CEO sucks at his job, gets *****, gets 200+million for sucking at his job.
The common man, hourly wage employee works hard and gets $10 an hour, if he sucks, he's out on his ass with not one cent from the company.
No wonder we have so many morally bankrupt big shots, destroying what little the blue collar worker has. -
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