Executive Pay Lunacy
January 3, 2007Did you read about the resignation of Home Depot's CEO, Robert Nardelli today? It appears that activist shareholders are being pesky and want to know why Home Depot sends all its profits home in ridiculous levels of executive pay while stock prices are flagging. So...to quell those ludicrous executive pay accusations, the company is letting Nardelli walk with essentially $210 million dollars. The New York Times reports that, "Under an agreement with the company, Mr. Nardelli will receive a severance payment of about $210 million, an amount that includes cash, the acceleration of unvested stock awards and options, bonus payments and incentive awards and various benefit programs. In return, Mr. Nardelli has agreed not to compete with the company for at least a year."
So he can't work in the home improvement field for at least a year! Oh no! What will he do for grocery money when the $210 million runs out??
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