One of the Issues in American Business
Not that we needed a reminder, but…
Nardelli Resigns as CEO, Chairman of Home Depot
By Ann Zimmerman, Mary Ellen Lloyd and Joann Lublin Staff Reporters of The Wall Street Journal
Word Count: 1,133 | Companies Featured in This Article: Home Depot, General Electric
Home Depot Inc. said its Chairman and Chief Executive Robert Nardelli agreed to resign after six years capped by controversy over his large compensation, his autocratic management style and Home Depot's lagging share performance.
Under his 2000 employment contract, Mr. Nardelli will take a $210 million severance package with him as he is replaced by Vice Chairman and Executive Vice President Frank Blake.
The news sent shares of the home-improvement retailer, a component of the Dow Jones Industrial Average, up 3% in midday trading. The stock traded at $41.43, compared with Friday's closing price of $40.16. It was at $43.75 ...
America needs to get a handle on this outrageousness.
Further, and perhaps more fundamentally, it may be that the B-schools and others, and the inculcation of culture that takes place in corporations, is insufficient to establish admirable character and honor in executives.
James Drogan
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