Screw the Shareholders

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What kind of screw do you use to screw your shareholders?

Dodging investors angry over the pay received by Home Depot chairman and CEO Robert Nardelli, who took home at least $120 million over five years as the company’s stock price dropped 12 percent, Home Depot’s board fails to show up at its annual shareholders meeting.

The session is presided over solely by Nardelli, who sidesteps all questions (”This is not the forum in which we would address your comment”) and cuts the meeting short after half an hour. The event’s negative fallout, highlighted by demonstrators wearing chicken costumes and orange Home Depot aprons, leads Nardelli to announce days later that, for next year’s meeting, “we will return to our traditional format … with the board of directors in attendance.”

Nardelli resigned, walking away with another $210 million in severance.

Screw the Shareholders