Home Depot’s Nardelli Resigns, Claims $200 Million Parachute

by Mike Hall, Jan 3, 2007

Home Depot CEO Robert Nardelli resigned today and is claiming he is owed more than $200 million in severance payments and other executive compensation. AFL-CIO Secretary-Treasurer Richard L. Trumka says Home Depot must:

take critical steps to ensure that the working men and women who are invested in the company are not victims of runaway executive pay or options abuse.

Nardelli’s resignation follows demands by the AFL-CIO that Home Depot investigate options abuses and that Home Depot Director Ken Langone leave the board. Says Trumka:

Nardelli in particular received massive September 11 option grants, grants that were issued in the wake of the September 11 attacks when prices were at record lows. Langone has been associated with executive pay abuses at multiple institutions, most notoriously the Grasso pay scandal at the New York Stock Exchange.

Click here to read Trumka’s full statement.

Yesterday, in another corporate clean-up story, we told you how General Electric Co. last month agreed to an AFL-CIO proxy demand and will now tell shareholders the full extent of its compensation consultant’s work for the company.

For more on corporate compensation and executive pay, check out PayWatch.org.

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