Home Depot shareholders still not over Nardelli

His spirit was at Home Depot’s annual meeting today — even though his name was never mentioned.

No, not Bernie or Arthur. But Bob.

One shareholder called former Home Depot CEO Bob Nardelli “Chrysler’s loss,” a reference to his current role as head of the bankrupt carmaker.

Another shareholder said “Mr. Chrysler” ruined Home Depot during his tenure at the No. 1 home-improvement retailer.

Shareholders, still bitter at Nardelli’s leadership they believe hurt customer service, employee morale and the stock price, could not utter his name during the meeting at the Cobb Galleria.

At the same time, shareholders clearly held generally positive feelings for his successor, Frank Blake. “You are our gain,” one shareholder told Blake.

Blake had mixed news to deliver, including declines in revenue and profits. But, he added, “the worst is behind us.” He expects the economy and housing market to be close to the bottom.

Read the AJC story Photo Gallery

23 comments Add your comment

Name (required)

May 28th, 2009
12:55 pm

The man has an MBA from Sears, what do you expect?

a current employee

May 28th, 2009
1:00 pm

I am a current employee…and I totally agree that he ruined the company.

Pete

May 28th, 2009
1:43 pm

Bob Nardelli is an idiot. As a former GE employee (under Nardelli’s rule), I know that he ruined that company in his time there and he did the same to Home Depot. No sympathy for Home Depot, they put this moron in control and got what they deserved. I am surprised that they are still in business at all.

Ben

May 28th, 2009
1:50 pm

I just can’t beleive anyone hired him after that debacle. Oh wait, it was Chrysler, now it all makes sense. When Detroit is faced with options, they automatically go for the worst one.

Tom Davis

May 28th, 2009
2:00 pm

Would say he ran a Mickey Mouse operation…but that would be an insult to Mickey Mouse. A two bit pirate comes to mind.

Observer

May 28th, 2009
2:05 pm

I doubt if there will be a long list of Fortune 500 companies in line to hire him when he leaves Chrysler. Talk about a legacy of failure…

Whattheheck

May 28th, 2009
2:34 pm

he will be hired again. what us stupid middle class americans dont know is that the boards of these large companies all have incestuous relationships. i forgot the website, but it tracked board members and their relationships. it was a shock to see how many boards were run by the same people, either the person themselve, a spouse, a board member of their company, etc. nardelli will get hired again because he is one of them.

you ask: what about the shareholders? give me a break. most of the large fortune 100 companies (which your 401k is likely largely based on) are owned in major part by institutional investors, i.e. companies. guess who sits on their boards? yeah, you got it.

Now you know.

jakesdad

May 28th, 2009
2:42 pm

is he the record holder for biggest severance given to a fired CEO? wasn’t it something like $200M? for being FIRED?

I can somewhat comprehend winning $200M in the lottery, I can NOT comprehend getting paid $200M to do A JOB well but $200M for getting FIRED from a job? I remember reading an interview w/Scott Adams (Dilbert) years ago where he said the thing that amazed him most was that no matter how much hyperbole he tried to use in his strips he’d ALWAYS get email from readers saying: “that’s nothing – this REALLY HAPPENED at my office:”. I have a hard time thinking of a better example…

CP

May 28th, 2009
3:00 pm

Nardelli was never a consumer-oriented CEO. He had no clue about running a company almost totally dependent on small consumers. No wonder Chrysler is bankrupt – he was not the right choice to run another consumer oriented company as evidenced by his tenure at Home Depot. Home Depot still has poor service, and I go to Lowe’s whenever possible. Evidently so does everyone else.

gatorman770

May 28th, 2009
3:19 pm

Our tax and spend congress needs to pass laws to protect stockholders from Scumbag corporate raiders like Bob Nardelli and their board of director lackeys. No CEO at a publicly traded company should get or is worth more than 5 million dollars a year total compensation including stock options unless they have dramatically increased the stock value and INCREASED the NUMBER OF AMERICAN JOBS. Any severence packages should be based on the same percentage of salary and years of service as the average employee of the corporation unless approved my a majority of the individual stockholders, i.e. institutional investors would have one vote for, not one vote per share. The idea that corporations must offer the present outrageous compensation packages whether the executive grow the companies or lose hundreds of millions of dollars for the stockholders and the economy is ludicrous!

Johnson

May 28th, 2009
3:19 pm

Ken Langone was not going to sleep until he got Nardelli to run HD. Two spineless fools.

HC

May 28th, 2009
3:20 pm

I quit shopping Home Depot after he destroyed customer service. I always shop at Lowe’s now and will never darken a Home Depot door again.

they're just employees

May 28th, 2009
4:21 pm

What the arrogant Prince Nardelli did at HD is not much different than what the dunderheads Allen and Mullin did at Delta. Very little regard for customer service, a hallmark of each corporation at one time. Let’s hope Messrs. Blake and Anderson can restore some of the past to these two Atlanta institutions.

The Voice

May 28th, 2009
4:31 pm

Gatorman rethink your statement. Do you really want the government involved in private and public held companies any more that they already are. Presbo Obamalama is making decisions for companies as large as GM and he has never held a job in the public sector. Make perfect sense to me.

The Voice

May 28th, 2009
4:33 pm

I hate to say it but Nardummy did not destroy the customer service. The employees did that by their “I don’t care if you find it or not” attitude. Just because you disagree with the management why would you take it out on the people that buy your products and pay your salary????

Ex Stockholder

May 28th, 2009
4:44 pm

The entire Home Depot board of directors should have been indicted after the severence bonus they gave him. I sold my stock in protest
and will not do business…..

MountainDawg

May 28th, 2009
4:46 pm

Nardelli is another (grossly) overpaid Corporate shyster/raider with a “platinum parachute” who ran HD into the ground.

DirtyDawg

May 28th, 2009
4:54 pm

Hey Voice, if you don’t appreciate the fact that ‘pride’ in your company, your job and your fellow workers is what drives a service-based corporation – or indeed any corporation – then you just don’t get it. When management’s attitude toward employees changes for the worst, employee morale wanes. When employee morale wanes their enthusiasm for the job becomes apparent to all, especially to customers. Nardelli was the epitome of corporate leadership of the past twenty years – top management greed and a laissez-faire mindset that felt ‘not getting caught in a tax dodge was the same thing as not breaking the law in the first place. He never understood what made Home Depot successful, but what bothers me is that Bernie and Arthur didn’t make sure he did before they made him their successor. The one thing that says, at least to me, the most about Nardelli was that he was one of the most successful fund-raisers for Bush/Cheney. As one of their valued Rangers he accumulated tens of millions for the cause – a cause whose business philosophy has gotten us into this mess. Bob Nardelli should be a poster boy for what’s been wrong with US corporations – along with Ken Lay – both of which, by the way were Bush cronies, or perhaps it was the other way around.

joe biden senior

May 28th, 2009
5:30 pm

nardelli should take the likes of pelosi, reid and a host of other pieces of sewage and just disappear…

Jeff Johnson

May 29th, 2009
9:23 am

Do not get mad at Nardelli for accepting such a generous pay package. Would you have turned it down? Blame them that made the offer.

kevin

May 30th, 2009
3:09 pm

current employee of home depot… been with home depot for 11 years and sitll miss bernie and arthur. when this idiot, suck up from ge came to us we all could see problems right away. he tried to run the company like a manufacturing company rather than a retail company. too many reports and stupid base lines. might work in manufacturing but not in retail. the only thing he did was take away from customer satisfaction. i am glad he failed at chrysler. he should be labled as not one of the worst ceo’s in america.. but as the worse. any company hiring him should be forewarned… he will ruin you.

PowerNail

October 28th, 2009
12:26 am

Self-check outs under his rule say it all.. that’s why I shop at Lowes.

HD Associate

November 29th, 2009
12:52 pm

I have worked for Bernie, Arthur, Nardelli and Blake. For Bernie and Arthur, it was Personal, the business, the workers and the customers were important to them. Nardelli was a wanna-be military leader who took a family run atmosphere and turned it into militaristic rule. 98% of all top executives were replaced in the first year… none of them understand that the very core of Home Depot was respect for the customer and the employees. He cut Hundreds of personnel hours out of every store… in some cases he cut them in Half ! As experienced, knowledgeable staff left, inexperienced and uncaring workers took their place for 1/4 of the pay. Those that were left would often have to cover 3 or 4 departments by themselves. It was heartbreaking. @ DirtyDawg… Bernie and Arthur were not given a choice. They were asked to leave by the board because the company had gone from a 24% growth per year to only 10%… which if you look at Any company in its building years, it should have that kind of growth… once it reaches it’s saturation point it can’t sustain that level of growth. Nardelli’s rape and pillage approach to retail was almost its downfall. Blake is doing a better job, returning the message of core values to Home Depot but you can’t rip the heart and soul out of a company and then expect it to return to its former glory. As for Chrysler, I won’t buy a car from them Simply because they don’t have the common sense God gave them to hire someone who makes companies Work… not nearly fail. He has done it again to Chrysler and if someone else is crazy enough to hire him for round four of Lets Destroy A Company, that’s their own doom. At least with Home Depot I can excuse their stupidity by saying they didn’t realize it was his fault that nearly ruined GE until After he was hired.