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Old 01-03-2007, 08:53 AM
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Home Depot - some changes coming ?

I see that Robert Nardelli (my old GE boss) just resigned as CEO from Home Depot with 'only' a $210,000,000 severence package. While I don't expect to see a quick change in the morale of the help and filthy store clean ups, maybe there is some hope. I will shop there ONLY when Lowe's or TSC don't have what I need. Everything in any of my several local HD's is covered in a thick layer of crud, out of stock or a clerks can't be found or are 'too busy' to help me find something.

Dave

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Old 01-03-2007, 09:55 AM
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210 million????????? No one is worth that.especially when the workers only get a few bucks an hour
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Old 01-03-2007, 11:11 AM
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210 million????????? No one is worth that.especially when the workers only get a few bucks an hour
Average pay after 1 year at HD is about $11/12 an hour here. How would you like seeing this guy at 58 years old live a life of leisure. On your sweat and pain !! On $210MM !!! Then add in his seven figure GE severence pay and outstanding GE stock options!!!! I only wish my GE retirement was anywhere near that good - low 7 figures, ONLY if you add in the two numbers after the decimal point

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Old 01-03-2007, 11:36 AM
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apparently the board of directors and stockholders, who vote in the board, think he is worth it. We REALLY need reform for board of directors. They shouldn;t be able to sit on other boards. Its the "you wash my back, I'll wash yours.." Maybe THEN we can turn business around. But guess who pads the politicians pockets?
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Old 01-03-2007, 11:51 AM
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I think the median wage in this country is around 30,000. In a lot of areas the cost of living isn't too bad, and two people working you could probably get by pretty good on just that. If you worked a 35 year career at that wage (which may or may not be realistic, but the point remains) you'd make about 1 million dollars for a lifetime of work. of course, probably 20-30% will end up in one form of tax or another.

This guy made as much in one day as the median income guy makes in 210 lifetimes. Insane. Then of course he gets all sorts of kickbacks and other benefits, not to even mention the base wage he gets! What do you guys guess, this guy makes as much in his lifetime as about 1000 or 1500 median-level people?

Once again I agree with beenaway, the stockholders of that company need to man-up and say "no" to crap like that. You need to pay a guy well to run a company, but that's nuts.

BTW, as Ireland mentioned, 11/12 dollars sounds right. 40 hour weeks, no vacation days and that's just a shade under $24,000 a year. Probably about 20 after taxes. I think my morale would be in the toilet too!

K
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Old 01-03-2007, 11:52 AM
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Home depot My favorite Store hear for Home Goods. Nice clean, always stocked and actually knowledgable people can be found and those who are busy find help for you.
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Old 01-03-2007, 12:28 PM
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Not to bad for a guy who has led the HD to losses every quarter for three years and has done that for other companies as well.
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Old 01-03-2007, 12:44 PM
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Home depot My favorite Store hear for Home Goods. Nice clean, always stocked and actually knowledgable people can be found and those who are busy find help for you.
Usually depends on the manager and his ability to get good help and keep them motivated. I have been in 'good' HD stores, but not in my area.

As far as Boards of Directors, usually they make a guy that they think will be the second coming, a lucrative offer do a lot of negotiating and hope they come up with a Win-Win situation that makes them, the stockholders, and ultimately, the Big Man a lot of money. Unfortunately, not all these Big Men are capable of doing the job. But, there is a contract, and it states what he will be paid if there is a parting of ways. It used to be years ago, that a CEO would make somewhere around 28 - 30 times what the lowest paid guy made - long gone now. Nardelli was in effect, my boss at GE. He did a good job in that capacity. GE sold lots of power generation units, though it was also at a time of energy suppliers expanding too. Was he just lucky enough to fall into a bed of roses? Possibly. But he met up with his Peter Principle at HD. Will he go back into a smokestack industry? Don't know or care, he has enough to live whatever lifestyle he wants now. You can also draw a comparison with Lou Grasso at the NY Stock Exchange. They fired him but want him to give back some money(of the $147MM) - and he said NFW - it was in my contract - and so far has gotten away with it.

Oh well, those are $$$$ figures I only dream about. My pension and SS keep me in beer and pretzels, the house debt free, my truck is all mine, the camper has been paid for and the taxes get paid(property tax is due in 3 weeks)
Dave
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Old 01-03-2007, 12:52 PM
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Not to bad for a guy who has led the HD to losses every quarter for three years and has done that for other companies as well.
Not true - he made a lot of money for General Electric (Power Systems Division), his last employer, and my Big Boss at that time. He previously headed up GE's locomotive plant in Erie, PA - which became the USA's largest supplier of engines under his management. He worked for GE ~25 years.
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Old 01-03-2007, 02:31 PM
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And for comparison the president of the US gets what....here is what Clinton gets:

Finally, the perks do not end when a President leaves the White House. It's estimated that the minimum amount President Clinton's pension and staff will cost U.S. taxpayers if his life span is average is $6,072,000.

And the current pres. just got a raise which was passed and the future presidents will all get it...the annual salary gets boosted from $200,000.00 to $400,000.00.

It just goes to show you that the lumber business is better than someone running the country that the lumber business is in. I would think running the country would be a more responsible business than someone running Home Depot. And if you look at the money that Home Depot made vs. what the government made. No comparison. Then out government gives cuts to what the guy from Home Depot made because of what he made. Pretty screwed up system.

Like I said, I don't care who it is, no one is worth that kind of money because they are retiring from the business. Our CEO of our company got a 10mil bonus year before last because everyone in the company worked their butts off. We got a $15 certificate for a turkey. The CEO before him retired with a $165 mil, stock options worth probably another 60 mil and within a year the CEO that replace him retired to go to another company so we hired back the one that just got the $165 mil for around $10 mil a year salary. A year after that he retired again and we got the CEO that we have now. But we have to lay off people to "remain competetive" and we have been told in the past by higher ups that our company is not in the business to hand out jobs and take care of us. Greed will be the downfall of this company. I have said before "where will all of these high priced CEO's be when everyone is working at Walmart and can't buy their products anymore"? I know they stress going to college to get a better paying job, and a college grad will get a job over a high school grad. So now you have all of these students in college that are graduating and now standing in line for a $25-30,000.00 a year job and there are not that many jobs out there. But it does make a company look good when it is manned by all college graduates. The bad thing is that $30g's a year is not too bad of money starting out but that is normally for more than a 40 hour week. If a college grad gets a job in the Mfg. Engineering field or something along that line for example, to keep that job he is expected to put in a minimum of 50+ hrs./wk. so that equals out to about $11-12/hr. wages.
I don't know what 4 years of college cost, but I imagine it takes quite a few years to ever get ahead. When you start putting things down on paper, the retirement these CEO's get today really torque you off. Look at what the sports players get, and then set out half the season because they got a hangnail. But that's another rant.

Here is a list of all the top paid CEO's, by year, 5 year, # of shares owned, age, and efficiency. Some of these guys pulling down millions and only have efficiency in the 20% range http://www.forbes.com/lists/2006/12/Rank_1.html

Oh well!! I guess as long as I can pay the bills, I'm happy
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Old 01-03-2007, 03:55 PM
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I have the opposite problem at the home depot, but hasn't been as bad lately. Just browsing around, and within 10 minutes already have a few different workers ask if I need help. Get tired of saying I am just looking. And also the fact that fleet farm is just down the road, and has much of the same stuff a bit cheaper. Only thing home depot has got them beat on is lumber, cause ff doesn't have a big selection and it isn't all too good of a price. Also have a menards, but its a lot further to run.
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Old 01-04-2007, 12:19 PM
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Originally Posted by killerformula
Once again I agree with beenaway.......

K

Its habit forming !!! LOL



Kevin-
My youngest is looking at Engineering schools right now. A Mech starts anywhere from 50 to 70 a year, depending on where they land. The schools she is looking at, are averaging $37K a year tuition x 4, so $150K. And no financial aid..... Looks like a few more projects get postponed...Oldest graduates this year, but is heading to lawschool for another 3 years. Another $150K...... I feel nauscious..
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Old 01-09-2007, 06:41 AM
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CEOs that have a huge gold threaded parachute for failure are bankrupting this country and you and I are paying for it!!!. And it will be up to us to do something about it. Right now, if we stop being customers of Home Depot, the Board and Stock Holders will get our message loud and clear "We refuse to spend our hard earned dollars at any business that pays their top executives ungodly salaries and offer even worse "failure incentives"." Can we do without Home Depot for a while? Yes, we can support Lowe's. As consumers, we can really control the retail business if we could only organize our "boycotts" (strikes). It is time for us to send some strong messages to all of our big companies that we as consumers are tired of paying for these over inflated salaries and bennies!!!

Trees
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Old 01-09-2007, 07:04 AM
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That's nice thought, but consumers are not organized and they're not going to be. Maybe a few of us won't shop at HD, but most consumers probably don't even know about the news we're talking about, and even if they did we're so desensitized from hearing huge numbers all day to care. Really corporate salaries are not any kind of driving source for consumers in capitalism. As long as we can get good quality products at a lower price and more conveniently than the competitors, we're going to keep going there. Same deal with walmart. At least HD keeps most of its bucks in the united states (presuming here). Walmart is the biggest company and its well advertised that they treat their people like garbage and send tons of bucks over seas!

K
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Old 01-10-2007, 07:33 AM
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I guess its my turn.....

I agree 100% with Killer.


People will go for convenience and price over principle.
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