The Board of Directors of The Home Depot and Bob Nardelli have announced that they have mutually agreed that Nardelli would leave his position as The Home Depot's chairman, president & CEO and as a Director. The Home Depot is the world's largest home improvement specialty retailer.
Nardelli's sudden departure follows strong criticism of his performance by investors and his alienating of employees and customers. (Seth's Blog)
The controversy over his remuneration package (reportedly US$250 million) was to have come to a head at the company's shareholder meeting in 2006. What did Nardelli do?
He ran his company's annual meeting in less than one hour with none of his directors present!!
In this interview he said he made a mistake but is otherwise unapologetic.
In a further sign that the company's board is out of touch Nardelli will receive a severance package worth approximately $210 million.
The US system of combining Board Chair with CEO shows its weakness in this example. But for a Board to not be present at an annual meeting seems remarkable.
.Everyone should have a love.Because love is pure.
Posted by: toryburch | January 21, 2011 at 02:00 PM