We were going to try our usual contrarian take here and explain that $435 million over six years isn't that much money. But you know what? It is. Especially with falling profits diminishing profit growth and declining market share.
We know that Bob Nardelli was probably forced out but really, how much forcing does it take when a guy's got $210 million in severance coming to him? We keep thinking that Nardelli was probably humming "Damn, It Feels Good To Be A Gangster" as he walked out the door yesterday.
Home Depot Inc., the world's largest home-improvement retailer, ousted Chief Executive Officer Robert Nardelli after investors criticized him for earning $225 million during his six-year tenure.
Home Depot invited further criticism by sending Nardelli, 58, off with $210 million as part of his separation package. Vice Chairman Frank Blake, 57, will replace Nardelli immediately, the company said in a statement.
Home Depot lost market share to Lowe's Cos. since Nardelli started in December 2000, and the shares declined 7.9 percent. The company is headed for its smallest annual gain in profit in at least nine years.