Adios to Bob Nardelli
The Wall Street Journal is reporting that Bob Nardelli has resigned as CEO and Chairman of The Home Depot. Nardelli has been there six years and has been entangled in controversy over his compensation ever since. To add insult to injury, his severance package is worth approximately $210 mm, of which $20 mm is cash. I wish someone would pay me that kind of money to quit my job.
The only upshot to this is the stock is up 4% in pre-market trading. Maybe we’ll get someone good leadership in there and Home Depot will rejuvenate as a company.
As a stockholder and a frequent shopper, one thing I would like to see is the return of customer service. Ever since the introduction of the self-checkout lines I have noticed a trend of decreasing help. It used to be that if you walked into the plumbing department, you were greeted by someone who used to be a plumber who could offer assistance and advice. These days, you rarely even see anyone in a particular department with any specialization (just my observations, your mileage may vary). Then to top it off, there is usually only 1 manned checkout – the rest is self-checkout. Self checkout is fine if you’re buying nice shrink wrapped products. But when buying lumber, sheet rock, fertilizer, and other bulky stuff it’s not even an option.