Two Fashionable Orange Aprons Up For Grabs, If Anyone’s Interested

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Two Home Depot higher-ups, recruited personally by ex CEO Robert Nardelli in 2001, have resigned from the company. Dennis Donovan, head of human resources, and Frank Fernandez, general counsel, will be officially out on February 14. Donovan went home with $5.4 million in 2005, and held $28 million in restricted and deferred stock. Though no explanation has been given for the departures, in Donovan’s contract, it stated that if Nardelli was no longer at the Depot, his golden parachute would contain two years salary, bonus, benefits and his 90,000 stock options would vest immediately. But perhaps the sudden exits have less to do with being able to watch Maury for 24 months straight without worrying about bills racking up than allowing a guilty conscience to surface after Bushie shamed (more or less) Home Depot et al for not being vigilant about compensation packages on Wednesday. If so, it was likely the line about ‘I’m not naming names—Bob Nardelli—or companies—Home Depot—but, you all know who you are’ that put the final nail in the coffin.
TWO MORE MANAGERS DITCH DEPOT [NYPost]

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