Robert Nardelli

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Robert (Bob) L. Nardelli is chairman, president and chief executive officer of Home Depot, the world’s largest home improvement retailer. Nardelli joined Home Depot in December 2000 and assumed operational responsibility from its cofounders. Nardelli was elected Chairman of the Board of Directors effective January 1, 2002.

Nardelli joined The Home Depot following a successful career at GE Power Systems. As President and Chief Executive Officer of GE Power Systems, Nardelli transformed the GE division into a $20 billion worldwide leader in the energy industry. He is credited with leveraging technology and innovative products and services as well as strategic acquisitions to grow the company at a rapid pace.

Nardelli started his career at GE in 1971, advancing through a series of leadership positions in the company’s Appliances, Lighting, and Transportation Systems business units. In 1988, he joined Case Corporation in Racine, Wisconsin, as Executive Vice President and led the Worldwide Parts and Components group. He was then promoted to lead the Case Construction Equipment global business. Nardelli returned to GE in 1991 as President and Chief Executive Officer of CAMCO, Inc., GE’s Canadian appliance manufacturing company, in Toronto, Ontario. In 1992, he was appointed President and Chief Executive Officer of GE Transportation Systems in Erie, Pennsylvania.

Nardelli received his B.S. in Business from Western Illinois University and earned an MBA from the University of Louisville. Nardelli’s leadership and service have been recognized by numerous institutions. He received the Distinguished Pennsylvanian Award from Gannon University in 1995. He also received the Distinguished Alumni Award from the College of Business and Technology at Western Illinois University in 1997. In 1999, he was named an Alumni Fellow by the University of Louisville, where he also serves on the National Visiting Committee Advisory Board for the Graduate School of Business.

In 2000, both the Schenectady County Chamber of Commerce and the Capital District Business Review named him Executive of the Year. In 2001, he was awarded a Doctor of Business Administration honoris causa and the Alumnus of the Year Award from the University of Louisville; in the same year he was also awarded an Honorary Doctor of Laws from Siena College. In 2002, Nardelli received an Honorary Doctor of Humane Letters from Western Illinois University.

Nardelli was appointed to the Board of Directors of The Coca-Cola Company in April of 2002. In January of 2003, Nardelli was selected by President George W. Bush to serve on the President’s Council on Service and Civic Participation. The purpose of the Council is to strengthen volunteer service and civic participation by all Americans through Presidential recognition. He was also invited to join the Board of Councilors of the Carter Center, a leadership advisory group founded by President Carter which serves to promote understanding of and support among private sector opinion leaders in Atlanta and throughout Georgia. During the 2004 presidential election a Bush fundraiser and meet and greet was held at Nardelli's mansion in Atlanta, GA.

Nardelli enjoys spending time with his family and watching NASCAR racing and football. His father is from the city of Glen Lyon, Pennsylvania.

[edit] Shareholder Controversy

At Home Depot's annual shareholder's conference on May 29, 2006, in Wilmington, Delaware, many of the companies shareholders expressed anger and confusion about CEO Nardelli's pay package of $123.7 million, excluding stock option grants, over the past 5 years. Nardelli was awarded this package while Home Depot's stock sunk about 9%, and competitor Lowe's saw a 185% increase on a split-adjusted basis. While some stockholders were prepared to ask some tough and pointed questions to the board of directors, they were hindered by the fact that only one of the board's members actually showed up to the meeting, Nardelli himself. Their comments were kept to a strict time limit, displayed on a large clock. Nardelli refused to acknowledge any shareholder's comments, answer any questions, and he promptly left after only thirty minutes, causing an uproar of anger and rage. Votes on shareholder proposals afterward showed an unusually high level of dissent, with over one third withholding their support for Nardelli's re-election as CEO.

The company's "official" excuse for the absence of the board on the day of the meeting was that "many" of the directors were at headquarters over the past few days for their quarterly meeting and remain there today on company business. But directors had over a month's notice of the meeting, with the date and location of the meeting being posted on April 14th, 2006. Directors are also paid for travel expenses to and from shareholder meetings by the company, with full access to a corporate jet.

Home Depot stock has sunk further since the debacle, from about $43 a share in April to just under $37 a share in early June.

The Home Depot, Inc.