How much was former Home Depot CEO really paid?
That’s the question that Dominic Jones wants answered, and he noted on his IR Web Report blog that he can’t get a straight answer from the business journalists who covered the ouster of Bob Nardelli from the Atlanta-based home improvement retailer.
Jones wrote, “No one seems to know for sure, in part because the figures for 2006 havenâ€™t been published yet. Even so, Iâ€™ve seen five different amounts quoted by the same number of media outlets.
“Take a look at the excerpts below:
“From the New York Times: ‘At Home Depot, Mr. Nardelli is expected to receive an exit package worth more than $210 million on top of the nearly $64 million he was paid during his six years at the helm.’
“From the Financial Times: ‘Home Depot said that, under the terms of his contract, Mr Nardelli would receive a severance package worth $210m, in addition to the more than $120m that he has received in compensation since joining the company.’
“From Bloomberg: ‘Home Depot Inc., the worldâ€™s largest home-improvement retailer, ousted Chief Executive Officer Robert Nardelli after investors criticized him for earning $225 million during his six-year tenure.’
“From the Atlanta Journal Constitution: ‘By the end of 2005, Nardelli received packages worth $154.3 million, not counting the value of stock options, since becoming CEO. His pay for 2006 hasnâ€™t been disclosed.’
“From the Associated Press: ‘As of the end of 2005, Nardelli had earned $123.7 million in compensation, excluding certain stock-option grants, since becoming CEO. His compensation for 2006 has not yet been disclosed.'”
Ouch. Read more here.