Home Improvement: Nardelli Resigns as Home Depot CEO

Holy crap, did I call this or what? Just yesterday I discussed Nardelli's bad business future, and today, he called it quits:

ATLANTA - Bob Nardelli abruptly resigned Wednesday as chairman and chief executive of The Home Depot Inc. after a six-year tenure that saw the world's largest home improvement store chain post big profits but left investors disheartened by poor stock performance...Nardelli's sudden departure was stunning in that he told The Associated Press as recently as Sept. 1 that he had no intention of leaving, and a key director also said that the board was pleased with Nardelli despite the uproar by some investors.

Seems to me that the shareholder revolt finally outweighed Nardelli's desire to be king of the mountain.

What's sad is that even to the last, Nardelli is taking home huge cash money from Home Depot, while the company's stock continues to sag. In a very real way, the Nardelli saga has been emblematic of the housing bubble and bust...you have a guy draining the company of long-term equity and gains for his own personal profit, with the end result being frustrated consumers, stockholders, and employees who suffered as a result of his greed.

Good riddance to bad rubbish.

Posted at January 3, 2007 11:55 AM

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Holy crap, did I call this or what? Just yesterday I discussed Nardelli's bad business future, and today, he called it quits: ATLANTA - Bob Nardelli abruptly resigned Wednesday as chairman and chief executive of The Home Depot Inc. after a six-year tenure that saw the world's largest home improvement store chain post big profits but left investors disheartened by poor stock performance...Nardelli's sudden departure was stunning in that he told The Associated Press as recently as Sept. 1 that he had no intention of leaving, and a key director also said that the board was pleased with Nardelli despite the uproar by some investors. Seems to me that the shareholder revolt finally outweighed Nardelli's desire to be king of the mountain. What's sad is that even to the last, Nardelli is taking home huge cash money from Home Depot, while the company's stock continues to sag. In a very real way, the Nardelli saga has been emblematic of the housing bubble and bust...you have a guy draining the company of long-term equity and gains for his own personal profit, with the end result being frustrated consumers, stockholders, and employees who suffered as a result of his greed. Good riddance to bad rubbish.