A selection of excerpts with a brief response.

Date January 3, 2007

Home Depot CEO Robert Nardelli suddenly stepped down today.

Analysts said Nardelli’s surprise resignation was almost certainly due to the fact that he had become a lightning rod for critics of hefty corporate executive pay. They said the Home Depot board was under great pressure to make a change.

At a disastrous Home Depot annual meeting last May, Nardelli, the only director present, refused to answer questions or respond to criticism from shareholders about the hundreds of millions in pay, benefits and stock options he had pulled down since he took over leadership of the chain in 2000. During his tenure, Nardelli earned some $240 million in salary, bonuses and stock options.

. . .
[Nardelli] will walk away with a severance package of $210 million, the company announced.
Well, that should certainly quiet the critics.

Full story here.

Category Posted in Economics and Advertising, Irony