{"id":27,"date":"2007-01-08T20:52:12","date_gmt":"2007-01-08T20:52:12","guid":{"rendered":"http:\/\/kranenburgesq.com\/blog\/2007\/01\/ft-v-wsj-ex-parte-nardelli\/"},"modified":"2007-01-12T18:16:49","modified_gmt":"2007-01-12T18:16:49","slug":"ft-v-wsj-ex-parte-nardelli","status":"publish","type":"post","link":"https:\/\/kranenburgesq.com\/blog\/2007\/01\/ft-v-wsj-ex-parte-nardelli\/","title":{"rendered":"FT v WSJ, ex parte Nardelli"},"content":{"rendered":"<p align=\"left\">Friday and Saturday last week, the <a title=\"Nardelli's 'Severance'\" target=\"_blank\" href=\"http:\/\/online.wsj.com\/article\/SB116796470509467824-search.html?KEYWORDS=nardelli&#038;COLLECTION=wsjie\/6month\">Wall Street Journal<\/a> (subscription required) and the <a title=\"Shareholders of the world, unite!\" target=\"_blank\" href=\"http:\/\/www.ft.com\/cms\/s\/7a6cf20e-9d2a-11db-8ec6-0000779e2340.html\">Financial Times<\/a>, respectively, published opposing views and arguments in their op-eds regarding the departure of <a title=\"Home Depot Inc.\" target=\"_blank\" href=\"http:\/\/www.homedepot.com\/\">Home Depot Inc.<\/a> (NYSE: HD) President and CEO Robert L. Nardelli and his $210 million pay.<\/p>\n<p align=\"left\"><strong>Who said what:<\/strong><\/p>\n<p align=\"left\">Wall Street Journal<\/p>\n<blockquote><p>[B]y the way, the terms were disclosed in the <a title=\"Home Depot Inc. 2001 Definitive Proxy Statement (Executive Compensation from p.14)\" target=\"_blank\" href=\"http:\/\/ir.homedepot.com\/EdgarDetail.cfm?CIK=354950&#038;FID=950144-01-5193&#038;SID=01-00\">annual Home Depot proxy<\/a>. That contract can&#8217;t be abrogated now simply because the board has concluded it made a mistake. Of that $210 million figure, more than $180 million is owed to Mr. Nardelli as part of his original job offer. [\u00e2\u20ac\u00a6] [T]he beginning of wisdom would be for the tub-thumpers to stop confusing &#8220;severance&#8221; with hiring pay.<\/p><\/blockquote>\n<p>Financial Times<\/p>\n<blockquote><p>CEO salaries do not come from the pockets of ordinary employees but from the pockets of shareholders, and it is the shareholders who need to take a stand against rewarding failure. [US shareholders] could do with a UK-style non-binding vote on executive pay.<\/p><\/blockquote>\n<p align=\"left\"><strong>What&#8217;s more:<\/strong> See Ted Frank&#8217;s take at <a title=\"Nardelli's severance\" target=\"_blank\" href=\"http:\/\/www.pointoflaw.com\/archives\/003379.php\">PointofLaw.com<\/a> (one day prior to the Journal&#8217;s), Kevin LaCroix&#8217;s at <a title=\"Executive Pay, Shareholder Activism, and Board Duties\" target=\"_blank\" href=\"http:\/\/dandodiary.blogspot.com\/2007\/01\/executive-pay-shareholder-activism-and.html\">The D&#038;O Diary<\/a> and Home Depot&#8217;s <a title=\"Home Depot Inc. Form 8-K filing, filed 4 January 2007\" target=\"_blank\" href=\"http:\/\/ir.homedepot.com\/EdgarDetail.cfm?CIK=354950&#038;FID=898822-07-14&#038;SID=07-00\">own words<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Friday and Saturday last week, the Wall Street Journal (subscription required) and the Financial Times, respectively, published opposing views and arguments in their op-eds regarding the departure of Home Depot Inc. (NYSE: HD) President and CEO Robert L. Nardelli and his $210 million pay. Who said what: Wall Street Journal [B]y the way, the terms [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts\/27","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/comments?post=27"}],"version-history":[{"count":0,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/posts\/27\/revisions"}],"wp:attachment":[{"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/media?parent=27"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/categories?post=27"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kranenburgesq.com\/blog\/wp-json\/wp\/v2\/tags?post=27"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}