If you ever doubted that the entire world is run by rich WASPs patting each other on the back, have no reason to fear. John Snow, who himself may have been the least effective Treasury Secretary that the US has ever had before returning to run Cerberus Capital Management, decided to appoint Robert Nardelli to run Chrysler today.
Is this the same Bob Nardelli who paid himself $300,000 a day (yes, a day, including Saturday's and Sunday's) to run Home Depot? Is this the same Richard-Nixon look-alike who sat down for an interview with Maria and defiantly said that his incompetent leadership is worth that much? Is this the same former GE nothing who was appointed to run the nation's largest retailer with no retail experience and turned it from a spectacular franchise with helpful employees into an empty box? Is this the same incompetent man who allowed Lowe's to eat Home Depot's lunch? Is this the guy who refused to take any questions from shareholders at a board meeting? Is this the creep that Home Depot's board finally had to kick out because of his ineptitude?
I don't own stock in Chrysler or Daimler and I don't own stock in Home Depot, but this is an affront to me as a Home Depot consumer and as an American.
I don't think Chrysler has a shot in hell now.
Comments
JCT
August 06, 2007
This man ripped off Home Depot shareholders to the tune of over $220 million. I'd say that there are about 300 million Americans and 6 bilion worldwide who are more qualified to run Chrysler.
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PhilR
August 06, 2007
It is amazing to me how the same execs keep getting paraded around, regardless of their record. It's like once you make it into the inner stratum, nothing you do will get you kicked out.
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Dave
August 07, 2007
I can't be so critical since I don't know the full picture. Maybe he wasn't allowed to succeed. It's hard to imagine he'd continue to receive big bucks if he wasn't a smart guy.
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Dave Lloyd
August 07, 2007
@ Dave. This guy perpetuated one of the great frauds on shareholders of all time. He received the big bucks because he had been considered the heir to run GE before Immelt was appointed. During all of his time at GE, he learned Six Sigma (which GE drills into all of its drones and it means nothing) and he learned how to fire people. Even if he were competent, his compensation was criminal given his mediocre background. But, at Home Depot, he immediately proved himself nasty and incompetent, even according to Home Depot's founders, who after 6 years finally lead a campaign to get rid of him.
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Hdtex
August 09, 2007
I worked at HD corporate under Nardelli, and to tell the truth, he ran company no different that Dubyeah runs this country...Surrounded by other moronic "yes Bob" men.....
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JessicaRH
August 14, 2007
In Asia, where I have been working for several years already, if you make as much of a mess as Nardelli made, then you take a jump out of a window, or at least you never work again. You also would never get away drawing the kind of money Nardelli drew. In the US, if you move in the right circles, incompetence won't stand if your way.
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