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January 03, 2007

Sweet Baby Jesus

In the coming New Year, help me land something even remotely close to this guy's gig.
Thanks in advance,
thsister

Amen.

Home Depot CEO exits with $210 million
...Nardelli, who became CEO in 2000, has been criticized by investors for the company's lagging stock price. Shares of Home Depot (HD, news, msgs) have fallen 7% since December 2000, when he became CEO.

Despite the stock’s poor performance, Nardelli collected an estimated $240 million during his time as CEO, and his compensation drew fire from shareholders and the press. His severance package, reportedly valued at $210 million, includes a $20 million cash severance payment, the acceleration of $77 million of deferred stock awards and options valued at $7 million. The Wall Street Journal reported that the exit package includes amounts that have previously been earned or vested.


UPDATE: P.S.: If it pleaseth Thou,
Mightily smite LSU (yea verily) upon the sugary field of collegiate combat this very evening whilst Thou art at it.
In Thy team's name we pray.

Amen again.

Posted by tree hugging sister at January 3, 2007 12:50 PM

Comments

Great work if you can find it.

Posted by: Ken S, Fifth String on the Banjo of Life at January 3, 2007 02:06 PM

I know. That's why I'm trying. The coolest thing about it is you don't even have to KEEP it once you've FOUND it for it to pay off.

Posted by: tree hugging sister at January 3, 2007 02:10 PM

Not only that, you can actually make the company less valuable and still receive $200 million for it. No wonder people want to come here.

Posted by: Dave E. at January 3, 2007 02:31 PM

Better yet, if you drive down the stock price, the $77M translates to more shares, which you can sell when the foolish successor drives the stock price back up.

Posted by: Ken S, Fifth String on the Banjo of Life at January 3, 2007 02:47 PM

Yeah.


Buddy.

Posted by: tree hugging sister at January 3, 2007 03:20 PM

Amen.

Posted by: Lisa at January 3, 2007 04:22 PM

Somehow, I have a hard time finding it legal to claim such a large salary in a publicly-held company. Isn't there a fiduciary responsibility to the shareholders? Instead of simply "drawing fire" (a kind way to say that people bitched about it) can't it draw some sort of sanction?

I mean, a lot of companies do this. LOTS. How can they afford it? It's not like a CEO is so irreplaceable that market forces grant them star-athlete contracts and obscene severance packages.

Posted by: Nightfly at January 3, 2007 06:03 PM

Kim du Toit had a post on this you should check out, had some background I wasn't aware of. Can't get to the post right, now, it's at http://theothersideofkim.com

Posted by: Firehand at January 7, 2007 02:40 PM