OMG: 210 Million bux - CEO of Home Depot gets after resigning

[IHateMyJob2004]

Originally posted by: zephyrprime

Originally posted by: krunchykromeWell, Im sure the former CEO of Home Depot was a little more qualified than you to run the company and IM sure his position held a bit more responsibility than those store stockers at your local home depot.

210 Million is quite a lot of money, but it irritates me when I hear people b!tching about executive salaries and compensation. They get paid that much for a reason. They're running publicly traded companies, and that comes with significantly more stress than the cashier at home Depot.

Does it come with more stress than being a brain surgeon? Or a soldier getting shot at in Iraq? So it has a lot a stress. Big deal. Lot's of jobs have a lot of stress. And there are lots of people working longer hours too that make peanuts. The reason these guys get paid so much money is because they effectively sign their own paychecks.

Cashier screws up the balance sheet, she looses her job. An exec does, he goes to jail. Quit comparing things and say yes or no ... is it stressful?

Oh, and stress is a bad argument by the way. $200M is not much for a company like HD. The new head of HD is an ex-exec at GE.... I'm sure he shouldn't be well paid, now should he?

 

[IHateMyJob2004]

A quik FYI ... Congress 9or the house????) is looking into making executive pay something that share holders vote on. As a law. So things might change going forward. There are articles about this today?

 

[LegendKiller]

Originally posted by: KK

Originally posted by: LegendKiller

Originally posted by: JS80
$20 million cash, rest is paper. Media overblowing it.

Doesn't make it any more right.

what's wrong with it? Are you complaining that you don't make that much?

What's wrong it?

Perhaps the fact that the whole system is rigged with insider buddies? Perhaps it's the fact that the salary isn't set by the market, but by interlocking back-scratching board of directors?

Or maybe it's because that no matter what, these guys make a crap-ton of money?

I make quite a bit of money and I'll probably make a lot more through my lifetime, I may even hit 500-600k/yr if I keep it up. Yet, that'll require me to work a lot of hours and educate the heck out of myself (I already have my BS, MBA, and am a CFA charterholder).

Yet, would one man be worth 420 of me? I highly doubt it, not unless he's Warren Buffet.

 

[waggy]

Originally posted by: LegendKiller

Originally posted by: KK

Originally posted by: LegendKiller

Originally posted by: JS80
$20 million cash, rest is paper. Media overblowing it.

Doesn't make it any more right.

what's wrong with it? Are you complaining that you don't make that much?

What's wrong it?

Perhaps the fact that the whole system is rigged with insider buddies? Perhaps it's the fact that the salary isn't set by the market, but by interlocking back-scratching board of directors?

Or maybe it's because that no matter what, these guys make a crap-ton of money?

I make quite a bit of money and I'll probably make a lot more through my lifetime, I may even hit 500-600k/yr if I keep it up. Yet, that'll require me to work a lot of hours and educate the heck out of myself (I already have my BS, MBA, and am a CFA charterholder).

Yet, would one man be worth 420 of me? I highly doubt it, not unless he's Warren Buffet.

oh so you can run the company? so what company are you CEO of?

 

[LegendKiller]

Originally posted by: waggy

Originally posted by: LegendKiller

Originally posted by: JS80
$20 million cash, rest is paper. Media overblowing it.

Doesn't make it any more right.

yes it does. obviously they thought he was worth it when they signed the contract. if he had managed to increase value 10% nobody would have cared. just in this case he did bad.

Lets take a look at HD's board of directors compensation committee


Hmmm...let us see....


John Clendenin...former CEO of Bellsouth
Claudio Gonzalez....CEO of Kimberly Clark
Bonnie G. Hill B. Hill Enterprises
Lawrence B. Johnsonton....former CEO of Albertons
Angelo Mozilo....CEO of Countrywide


Wow, CEO after CEO. Now, you can't tell me they aren't going to look after their buddies, right? NAW! They will always look out for the shareholder's best interests? Right?

Wait, what if they are interlocking? Could some of them sit on other BoD that the HD people sit on? Could they be scratching each-others backs?

But who votes for these guys anyway? Ohhh, thats right! It's mutual fund managers and bankers, who are these guys' best buddies!

Why is that? Perhaps an average of 70% of all publicly held stock is in the hands of mutual fund managers and other non-single owner entities?


This game isn't like any other. There is no free market. There is no independance. There is no fairness. It's all stacked in their favor and you suckers fall for it.

 

[LegendKiller]

Originally posted by: waggy

Originally posted by: LegendKiller

Originally posted by: KK

Originally posted by: LegendKiller

Originally posted by: JS80
$20 million cash, rest is paper. Media overblowing it.

Doesn't make it any more right.

what's wrong with it? Are you complaining that you don't make that much?

What's wrong it?

Perhaps the fact that the whole system is rigged with insider buddies? Perhaps it's the fact that the salary isn't set by the market, but by interlocking back-scratching board of directors?

Or maybe it's because that no matter what, these guys make a crap-ton of money?

I make quite a bit of money and I'll probably make a lot more through my lifetime, I may even hit 500-600k/yr if I keep it up. Yet, that'll require me to work a lot of hours and educate the heck out of myself (I already have my BS, MBA, and am a CFA charterholder).

Yet, would one man be worth 420 of me? I highly doubt it, not unless he's Warren Buffet.

oh so you can run the company? so what company are you CEO of?

What is the farthest up in any company you have gotten?

I am really curious as to what people think CEOs do.

Personally, I wouldn't want to be a CEO, the job isn't interesting to me.

 

[dainthomas]

Originally posted by: LegendKiller
Lets take a look at HD's board of directors compensation committee

Hmmm...let us see....

John Clendenin...former CEO of Bellsouth
Claudio Gonzalez....CEO of Kimberly Clark
Bonnie G. Hill B. Hill Enterprises
Lawrence B. Johnsonton....former CEO of Albertons
Angelo Mozilo....CEO of Countrywide


Wow, CEO after CEO. Now, you can't tell me they aren't going to look after their buddies, right? NAW! They will always look out for the shareholder's best interests? Right?

Wait, what if they are interlocking? Could some of them sit on other BoD that the HD people sit on? Could they be scratching each-others backs?

But who votes for these guys anyway? Ohhh, thats right! It's mutual fund managers and bankers, who are these guys' best buddies!

Why is that? Perhaps an average of 70% of all publicly held stock is in the hands of mutual fund managers and other non-single owner entities?


This game isn't like any other. There is no free market. There is no independance. There is no fairness. It's all stacked in their favor and you suckers fall for it.

Thanks for spelling it out. These people sit on eachother's boards and give eachother raises. It's that simple.

 

[Sphexi]

On behalf of all orange bloods out there, I say THANK GOD. Sure, profits are up, but at the expense of the employees, and at the expense of customer service. Bob cut hours by 50% the first year he was there, and another 50% of that this last year (that's a total of about 70% since 2000). Less hours means less employees on the floor, and I'm sure everybody can attest to the fact that there's next to nobody working the floors at their local HD anymore. Makes it kind of hard to get big items down off shelves, or to find an item you need if there's nobody around to help you. But hey, it improved the bottom lines, so who cares?

Obviously, stock holders do, since profits may have gone up, but they almost entirely went into executives' pockets, not stockholders.

 

[SKORPI0]

Breakdown of what he gets...

1. cash severance payment ----------------------------------------------------------------------------$20 million
2. the acceleration of unvested deferred stock awards currently valued at approximately------ $77 million
3. unvested options with an intrinsic value of approximately --------------------------------------- $7 million.
4. payments of earned bonuses and long-term incentive awards of approximately------------- $9 million
5. account balances under the Company's 401(k) plan and other benefit programs ------------ $2 million,
6. previously earned and vested deferred shares with an approximate value of --------------- $44 million,
7. retirement benefits currently valued at approximately----------------------------------------- $32 million
8. other entitlements under his contract-------------------------------------------------------------- $18 million

Those entitlements will be paid over a four-year period and will be forfeited if he does not honor his contractual obligations.

 

[ThePresence]

Originally posted by: SKORPI0
8. other entitlements under his contract - $18 million

Wonder what's buried in there.

 

[LegendKiller]

Originally posted by: ThePresence

Originally posted by: SKORPI0
8. other entitlements under his contract - $18 million

Wonder what's buried in there.

Probably Welch-ified him. Gave him lifetime unlimited use of the corporate jet for mediocre performance.

 

[JS80]

Originally posted by: LegendKiller

Originally posted by: KK

Originally posted by: LegendKiller

Originally posted by: JS80
$20 million cash, rest is paper. Media overblowing it.

Doesn't make it any more right.

what's wrong with it? Are you complaining that you don't make that much?

What's wrong it?

Perhaps the fact that the whole system is rigged with insider buddies? Perhaps it's the fact that the salary isn't set by the market, but by interlocking back-scratching board of directors?

Or maybe it's because that no matter what, these guys make a crap-ton of money?

I make quite a bit of money and I'll probably make a lot more through my lifetime, I may even hit 500-600k/yr if I keep it up. Yet, that'll require me to work a lot of hours and educate the heck out of myself (I already have my BS, MBA, and am a CFA charterholder).

Yet, would one man be worth 420 of me? I highly doubt it, not unless he's Warren Buffet.

I understand your point and agree on most of the facts, but can you really blame them for trying to get max pay? Isn't it like us work monkies that threaten to leave by gently reminding our bosses what the "market" rate is or telling him your "friend" offered you $X for another job (assuming you went out and interviewed elsewhere)?

 

[HardcoreRobot]

grats to him

 

[MustISO]

Absolutely disgusting. His employees should be the ones to decide what he gets. The whole salary system is so far out of wack it's crazy. They just don't deserve that much money.

 

[spidey07]

Originally posted by: MustISO
Absolutely disgusting. His employees should be the ones to decide what he gets. The whole salary system is so far out of wack it's crazy. They just don't deserve that much money.

Why? Why don't they deserve that much money? Why?

They moved through the ranks and smartly positioned themselves for a lucritive career. They mastered the game.

I don't think anybody has ever given a sound reason why executives don't "deserve" the compensation they get. They negotiated better than you did, the positioned themselves better than you did, why does that mean they don't "deserve" the compensation agreed upon?

To LegendKiller....
You think this is just a board thing? It starts at director level and above (and many ways manager level). It's all about who you know. Seems like you have figured that out, now use it to your advantage.

 

[sandmanwake]

Originally posted by: foghorn67
Here comes dmcowen in 5....4.....3.....

He seems to be busy, so allow me to channel him.

<channelling dmcowen>
Welcome to the new America made possible by the neocon Republicans, Bush and his oil buddies. Their ilks have made it possible for the rich to get richer while the average hard working American are without basic health care and are struggling to get by daily. Sheeple are starting to wake up as demostrated by the recent election though.

Republicans ate my baby, vote dmcowne '08.
</end channelling>

 

[KK]

By the "logic" of some, nobody "deserves" to be paid anything. Just a bunch of socialist assholes. Everyone is created equal, therefore everyone should be paid the same. Bullsh1t everyone is not equal, people make choices, people should earn more than others, if you don't like it, move your stupid ass to cuba.

 

[tw1164]

Originally posted by: sandmanwake

Originally posted by: foghorn67
Here comes dmcowen in 5....4.....3.....

He seems to be busy, so allow me to channel him.

<channelling dmcowen>
Welcome to the new America made possible by the neocon Republicans, Bush and his oil buddies. Their ilks have made it possible for the rich to get richer while the average hard working American are without basic health care and are struggling to get by daily. Sheeple are starting to wake up as demostrated by the recent election though.

Republicans ate my baby, vote dmcowne '08.
</end channelling>

lol, that's funny

 

[91TTZ]

Originally posted by: Chunkee
This is as bad as the baseball players good lord.


jC

BIG$$$$

You left out the best part... he resigned amid concerns of his compensation. Then leaves with a 200 million dollar severance package.

 

[Philippine Mango]

Originally posted by: KK
By the "logic" of some, nobody "deserves" to be paid anything. Just a bunch of socialist assholes. Everyone is created equal, therefore everyone should be paid the same. Bullsh1t everyone is not equal, people make choices, people should earn more than others, if you don't like it, move your stupid ass to cuba.

 

[91TTZ]

Originally posted by: LegendKiller

I make quite a bit of money and I'll probably make a lot more through my lifetime, I may even hit 500-600k/yr if I keep it up. Yet, that'll require me to work a lot of hours and educate the heck out of myself (I already have my BS, MBA, and am a CFA charterholder).

Yet, would one man be worth 420 of me? I highly doubt it, not unless he's Warren Buffet.

Your education means squat. This man's worth $200 million and you're not. Stop complaining. And your claims of $600k a year are just dreams.

 

[Chunkee]

Originally posted by: LegendKiller

Originally posted by: waggy

Originally posted by: LegendKiller

Originally posted by: JS80
$20 million cash, rest is paper. Media overblowing it.

Doesn't make it any more right.

yes it does. obviously they thought he was worth it when they signed the contract. if he had managed to increase value 10% nobody would have cared. just in this case he did bad.

Lets take a look at HD's board of directors compensation committee


Hmmm...let us see....


John Clendenin...former CEO of Bellsouth
Claudio Gonzalez....CEO of Kimberly Clark
Bonnie G. Hill B. Hill Enterprises
Lawrence B. Johnsonton....former CEO of Albertons
Angelo Mozilo....CEO of Countrywide


Wow, CEO after CEO. Now, you can't tell me they aren't going to look after their buddies, right? NAW! They will always look out for the shareholder's best interests? Right?

Wait, what if they are interlocking? Could some of them sit on other BoD that the HD people sit on? Could they be scratching each-others backs?

But who votes for these guys anyway? Ohhh, thats right! It's mutual fund managers and bankers, who are these guys' best buddies!

Why is that? Perhaps an average of 70% of all publicly held stock is in the hands of mutual fund managers and other non-single owner entities?


This game isn't like any other. There is no free market. There is no independance. There is no fairness. It's all stacked in their favor and you suckers fall for it.

QFT....it is simply a rigged game...

 

[91TTZ]

Originally posted by: LegendKiller
I am sure some people are going to justify it, just like they did with other CEOs, yet under this guy's leadership HD stock has languished.

It's funny that no matter how good or bad a big CEO is, he still gets paid like a king while the peons get paid like serfs.

That's because he is a conqueror while you are a serf with a feeling of entitlement. People like him will always dominate people like you.

 

[chambersc]

good for him?

 

[NL5]

Originally posted by: redgtxdi

Originally posted by: Citrix
the owner and CEO of Costco is my hero.

has a one page contract, pays himself just under 300K a year, does his own leg work in the office... all around a awesome dude.

QFT!

And allows himself to be fired if he slacks off under HIS OWN CONTRACT!!

More than my hero.........I'm simply not worthy!!

Yes, but look at how Costco is doing. They don't make any money, they are closing stores like crazy, and when I go into one around here there is NOBODY in the store.

That's why he gets aid so little.