Corporate greed
January 3rd, 2007 | 
Author: 
(disclaimer: I own Home Depot stock, so I am slightly biased)Â
Bob Nardelli, CEO of Home Depot, resigned yesterday.
He was an inflexible dictator with a huge disregard for Home Depot’s shareholders.
A huge disdain even: during last year’s shareholders meeting, where a lot of shareholders had some tough questions for the board of directors -about the CEO’s insanely high compensation package and the horrible business results: stock had sunk 9% in the same period that competitor Lowe’s saw a 185% increase!-, only ONE board member showed up: Nardelli himself. He was an absolute arrogant prick, didn’t acknowledge any of the severely time limited questions and ran out after only 30 minutes. The shareholders were steaming!
Home Depot stock hasn’t gone anywhere the past few years: he basically screwed up.
And now, yesterday, he resigned.
And I’m mad as hell.
Not because he left .. good riddance .. but because this screwup got rewarded with a severance package of $210 million!
That’s almost a quarter billion dollar!
NOONE should get such an amount, not even for having done outstanding work, and thus certainly not for having accomplished close to nothing (and most definitely not when it’s essencially my money!).
This is criminal. Corporate greed in its extreme. I’m so mad, I can barely type. I simply feel robbed. In a very brutal way. Violated almost. Grrrrrrrrr….
Someone… quick, get me my bloodpressure pills!
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Posted in Emotions, In the news, Opinions, Spitting Nails
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For what it is worth, it looks like he was ousted for his greed! At least that is how it appears reading this article:
http://www.nytimes.com/2007/01/04/business/04home.html?ex=1325566800&en=37c87b5676ab8295&ei=5088&partner=rssnyt&emc=rss
Have you ever noticed that at Home Depot (on the weekends) that nobody in the store will help you? Store clerks scatter like flies if they see you coming and think you need assistance. It doesn’t really matter which store or state either (from what I’ve noticed).
Nardelli, Lee Raymond, Ken Lay – the corporate walls will come crashing down my friends. It’s just a matter of time.
@Pete .. .yes I HAVE noticed that. AND, on ANY given day, that it is IMPOSSIBLE to find someone to cut a piece of wood for you.
The bad news: If you angrily leave the store and go to Lowe’s (always nearby) … it’s EXACTLY the same story.
BestBuy is also VERY good at having HUNDREDS of uniformed employees in a store who seem incapable of a) communicating with non-BestBuy-uniformed people and b) doing something that even vaguely resemembles something useful.
Maybe these stores are nice places for celebrities who complain about too much attention! They will probably LOVE being totally ignored in these stores for hours on end!
Maybe this is a good business opportunity: open a store for celebrities only! And have an enormous crowd of employees COMPLETELY ignore all the customers. To be sure: these stores already exist, they’re just not celebrity-only.