Another CEO has left his company, this time we’re talking about Robert Nardelli. The chairman and chief executive of Home Depot is receiving about $210 million in cash and stock options, including a $20 million salary and retirement benefits of $32 million, the amount they agreed on in 2000 when he joined the company.
But do all shareholders agree with the board? Apparently not. A firm which researches the compensations executives get, even declared Nardelli is in the top 12 of best earning chief executives of the worst performing companies. The shareholders of Home Depot agree this golden parachute is way out of control, but turning to the board of directors doesn’t get them any closer since the board fully supports Nardelli and doesn’t want to give any answers.
As shareholders are complaining, they do admit he has been of good help considering he expanded the wholesale and took the company over the boarders. But this clearly wasn’t enough, Nardelli may have expanded the company but he hasn’t had much effect on the stock price. As a consequence he is leaving all this shareholders to think “why?” without a reasonable answer. (Washington post)Corien Staels
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