Who’s in charge? Nardelli is. Still.
The press is carrying the story of Home Depot CEO Bob Nardelli’s resignation, forced out of office by the board. I have another take on it:
Anyone who (as he did) shows up alone, without the board, at a shareholders’ meeting when it’s obvious the audience will be demanding and upset, is orchestrating his own exit. After that performance a few months ago, the only question was When and How Much?
Now we know the answers to both: this week, and $210MM, with $20MM of that in Instant Cash.
Folks who think Bob was kicked out are missing the larger story. True, he ultimately probably had no choice (he was unable to control his own story in the press), but Bob left on his own terms, in his own time.
With your money.