mnealtx 0 #26 January 4, 2007 QuoteQuoteHow so? They're both (presumably) being paid for their skills. In one case, it's skill in running a company, and in the other, it's athletic skill. But this "CEO" is being rewarded for failure. Again, I agree - I was looking at it more in the light of what they were hired for, not what the bonus was for.Mike I love you, Shannon and Jim. POPS 9708 , SCR 14706 Quote Share this post Link to post Share on other sites
Zipp0 1 #27 January 4, 2007 We should line up all these fuckers, take a .50cal rifle, and send a single bullet through the whole lot. 210 Million for failing to do your job? Please. -------------------------- Chuck Norris doesn't do push-ups, he pushes the Earth down. Quote Share this post Link to post Share on other sites
rehmwa 2 #28 January 4, 2007 Quote>The problem is that the board signed that kind of contract with him . . . I agree. The issue here is that the board made a bad call. Hopefully this will inspire stockholders to exercise more oversight on the decisionmaking/board selection process, so that people don't discover decisions they don't like years after they are made. that was my original point - it is separate from the following which I also agree with I can be outraged at the deal and still separate my outrage from recognizing crappy contract negotiations 1 - it is obscene 2 - he is still getting a gross amount of money even after failure (not "for failing", he'd get that money fail or not on leaving) 3 - it's not fair by any standards - different from fulfilling a contract 4 - I think pensions are a bad idea for a company that require paying someone to not work.....the only difference here is the amount if any of us could get that kind of contract for employment, how many would refuse? how many would rationalize upon leaving that 'they' didn't fail, it's just that the corp wouldn't do things their way - it's amazing how little control individuals have in huge companies... ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
Andy9o8 3 #29 January 4, 2007 Here's some more goodies. (You know what? - I take back my earlier take-back. This shit IS obscene.) Burce Karatz - KB Home - Retired under pressure for manipulating stock option dates to inflate value to him and other executives. Package: $175 million Tom Freston - Viacom - Ousted by board chairman after less than 1 year as CEO. Package: $84.8 million Hank McKinnell - Pfizer Replaced as CEO almost 2 years earlier than scheduled; oversaw 41% DROP in stock price. Package: $122 million. I think it's time for a new definition of "welfare queens". Quote Share this post Link to post Share on other sites
rehmwa 2 #30 January 4, 2007 Especially that Karatz guy - what BOD is stupid enough to forget to at least write up a contract to void the severance agreement under conditions of (? unethical or illegal stock manipulation? - what's the term?) What about denying a pension to the guy that serves 30 years but if fired in the last year for poor performance, say over his last 5 years or so? Let's get those guys too. ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
Andy9o8 3 #31 January 4, 2007 QuoteEspecially that Karatz guy - what BOD is stupid enough to forget to at least write up a contract to void the severance agreement under conditions of (? unethical or illegal stock manipulation? - what's the term?) Willful misconduct. I'm sure it was in his contract. He avoided it by retiring voluntarily before he was fired for it. By the way, not to flog you over the head with it, but the proper method for the shareholders to seek to remedy this would be to file a shareholders' derivative lawsuit against the Board, seeking to have the Court delcare his "retirement" to have been an "involuntary termination" (on the grounds that if he hadn't retired, he woulda been fired), and then invoke the "willful misconduct" clause in his contract. Quote Share this post Link to post Share on other sites
rehmwa 2 #32 January 4, 2007 QuoteBy the way, not to flog you over the head with it, but the proper method for the shareholders to seek to remedy this would be to file a shareholders' derivative action against the Board, seeking to have the Court delcare his "retirement" to have been an "involuntary termination" (on the grounds that if he hadn't retired, he woulda been fired), and then invoke the "willful misconduct" clause in his contract. no flogging in that comment at all - IMO this would be a very appropriate and ethical reaction to try and void the severance payout per the contract - for the sake of the stockholders and the company employees.... ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
avenfoto 0 #33 January 4, 2007 nadrelli started hdepot from scratch and helped it into the largest homeimprovement chain in the united states... id say thats worth 200mil... Quote Share this post Link to post Share on other sites
avenfoto 0 #34 January 4, 2007 not to mention they have one of the best stock option programs i have ever seen... how many millionaire cashiers work at walmart? Quote Share this post Link to post Share on other sites
Andy9o8 3 #35 January 4, 2007 Quotenadrelli started hdepot from scratch Wrong. http://money.cnn.com/2007/01/03/news/companies/home_depot/index.htm?postversion=2007010312 QuoteMarcus and Arthur Blank co-founded Home Depot in 1978 and ran the Atlanta-based company until Nardelli was brought in as CEO in 2000. Quote Share this post Link to post Share on other sites
freethefly 6 #36 January 4, 2007 Quotenadrelli started hdepot from scratch and helped it into the largest homeimprovement chain in the united states... id say thats worth 200mil... Home Depot was founded by Bernie Marcus and Arthur Blank in 1978 NEW YORK (CNN/Money) - Home Depot Inc., the world's largest home-improvement chain, said on Tuesday it has elected President and Chief Executive Robert Nardelli as the company's new chairman, effective Jan. 1, 2002. The Atlanta-based company said Nardelli will replace Home Depot co-founder Bernie Marcus, who will continue on the company's board until May 2002, when he reaches the company's mandatory retirement age of 72. Home Depot names CEO Robert Nardelli as new chairman. The company said Nardelli, who joined Home Depot last December after nearly 30 years at General Electric Co. (GE: Research, Estimates), will assume the title of chairman and chief executive officer. "Bob Nardelli has exceeded all expectations in terms of his leadership and contributions he has already made to Home Depot," said Marcus. "The company's achievement of record earnings in the third quarter is a testimonial to Bob Nardelli and all of the 250,000 orange-blooded Home Depot associates who are working with him to take the company to the next level." Last week, Home Depot (HD: down $0.73 to $46.34, Research, Estimates) reported its fiscal third-quarter earnings that rose 20 percent as the company cut costs while opening new stores to take advantage of a healthy housing sector."...And once you're gone, you can't come back When you're out of the blue and into the black." Neil Young Quote Share this post Link to post Share on other sites
avenfoto 0 #37 January 4, 2007 did you guys really go look that up? Quote Share this post Link to post Share on other sites
Remster 30 #38 January 4, 2007 Quotedid you guys really go look that up? You obviously didnt! lolRemster Quote Share this post Link to post Share on other sites
billvon 3,132 #39 January 4, 2007 >did you guys really go look that up? "I'm sorry, I've never been a fan of books. I don't trust them. They're all fact, no heart. I mean, they're elitist, telling us what is or isn't true or what did or didn't happen. Who's Britannica to tell me the Panama Canal was built in 1914? If I want to say it was built in 1941, that's my right as an American! . . . Guys like us, we're not some brainiacs on the nerd patrol. We're not members of the factinista. We go straight from the gut. That's where the truth lies, right down here in the gut. Do you know you have more nerve endings in your gut than you have in your head? You can look it up. Now, I know some of you are going to say, "I did look it up, and that's not true." That's 'cause you looked it up in a book. Next time, look it up in your gut. I did. My gut tells me that's how our nervous system works." Quote Share this post Link to post Share on other sites
kelpdiver 2 #40 January 4, 2007 QuoteI don't know to many (if any) professional athletes who receive a $210,000,000 severance package. Many get delayed compensation bonuses in the 10s of millions. If a given team was worth more than 1 billion or two, the packages might be bigger. As is stands, the fortune 100 company types are larger than that. The board makes these deals, and at least some of the time, the shareholders are asked to vote on matters of compensation. Quote Share this post Link to post Share on other sites
ChasingBlueSky 0 #41 January 4, 2007 QuoteQuoteHow so? They're both (presumably) being paid for their skills. In one case, it's skill in running a company, and in the other, it's athletic skill. But this "CEO" is being rewarded for failure. Maybe he will run for president._________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites
JohnRich 4 #42 January 4, 2007 QuoteQuoteQuoteI think it perfectly fits the word "obscene", regardless of any absence of hanky panky on his part. Aren't you the one always blaming the voters for the behavior of politicians, because they elected them? This is the fault of the board of directors - they elected him and made the deal. I don't think I disputed that. It's still obscene. And who elected the board of directors? The shareholders, with their proxy votes. Therefore, using your favorite logic for such situations, the shareholders are the ones who are obscene, for electing the board, which hired the CEO, which took large profits for poor performance. Damn those stockholders! It's all their fault! Quote Share this post Link to post Share on other sites
JohnRich 4 #43 January 4, 2007 QuoteWe should line up all these fuckers, take a .50cal rifle, and send a single bullet through the whole lot. 210 Million for failing to do your job? Please. Executing businessmen for making good business deals for themselves? Please! I think that's a bit extreme... Quote Share this post Link to post Share on other sites
JohnRich 4 #44 January 4, 2007 QuoteQuoteQuoteI think it perfectly fits the word "obscene", regardless of any absence of hanky panky on his part. Aren't you the one always blaming the voters for the behavior of politicians, because they elected them? This is the fault of the board of directors - they elected him and made the deal. I don't think I disputed that. It's still obscene. And who elected the board of directors? The shareholders, with their proxy votes. Therefore, using your favorite logic for such situations, the shareholders are the ones who are obscene, for electing the board, which hired the CEO, who took large profits for poor performance. Damn those stockholders! It's all their fault! Quote Share this post Link to post Share on other sites
kallend 2,182 #45 January 4, 2007 QuoteQuoteQuoteQuoteI think it perfectly fits the word "obscene", regardless of any absence of hanky panky on his part. Aren't you the one always blaming the voters for the behavior of politicians, because they elected them? This is the fault of the board of directors - they elected him and made the deal. I don't think I disputed that. It's still obscene. And who elected the board of directors? The shareholders, with their proxy votes. Therefore, using your favorite logic for such situations, the shareholders are the ones who are obscene, for electing the board, which hired the CEO, who took large profits for poor performance. Damn those stockholders! It's all their fault! Is there an echo in here, or are you repeating yourself?... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
JohnRich 4 #46 January 5, 2007 QuoteIs there an echo in here, or are you repeating yourself? Neither. You just aren't paying enough attention to notice the difference between the 1st and 2nd posts of this genre. Quote Share this post Link to post Share on other sites
headoverheels 334 #47 January 5, 2007 Quotedid you guys really go look that up? Didn't need to, already knew. He actually did a lot for HD, brought their IT systems up to date, etc. I just can't believe that such people are so rare as to justify such a contract. I have spent easily 100 times as much time at HD as I have ever watching professional sports. Quote Share this post Link to post Share on other sites
mpohl 1 #48 January 5, 2007 You have an EPIPHANY there! Congrats! However, as I may add, who is worth $210M for doing his job? I have no probs w/ ppl making $1M or $5M per year. But that's about the limit. There is s.th wrong and imbalanced in America. QuoteWe should line up all these fuckers, take a .50cal rifle, and send a single bullet through the whole lot. 210 Million for failing to do your job? Please. Quote Share this post Link to post Share on other sites
cloudseeker2001 0 #49 January 5, 2007 QuoteObscene? Not really. Lots of people get rich lots of ways. I mean, a few people got rich by going long on Enron in the early days. Obscene or not? A few people got rich by going short on Enron towards the end. Obscene or not? Bad kids get millions when their parents die. Obscene or not? Now, if he had intentionally caused the company to fail, gone short on company stock, and cashed out when the stock bottomed out, I'd be more likely to think it obscene. Until recently, my brother was a big wheel at Home Depot and they are in no way short of cash.......and there is more to the story! But yea, fuck'em! "Some call it heavenly in it's brilliance, others mean and rueful of the western dream" Quote Share this post Link to post Share on other sites
Zipp0 1 #50 January 5, 2007 QuoteQuoteWe should line up all these fuckers, take a .50cal rifle, and send a single bullet through the whole lot. 210 Million for failing to do your job? Please. Executing businessmen for making good business deals for themselves? Please! I think that's a bit extreme... OK, you're right. Let's just cut their fucking balls off. -------------------------- Chuck Norris doesn't do push-ups, he pushes the Earth down. Quote Share this post Link to post Share on other sites
