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Home Depot offers expensive lesson in curbing execs' pay.(Viewpoint)
Crain's Chicago Business, January, 2007
Byline: Donald P. Delves Donald P. Delves is president of Delves Group, a Chicago-based firm that advises companies on compensation and governance. While Robert Nardelli's recent departure as chairman and CEO of Home Depot Inc. set off another round of alarms over executive severance packages, there are other lessons to be learned from this shake-up.
Topping the list is the role of the board of directors as the compensation watchdog-specifically, linking executive pay to performance. The board and its compensation committee are responsible for making sure shareholders get what they are paying for from their investment in management. Home Depot's board obviously did not do enough to limit the excess in Mr. Nardelli's $210-million compensation package. It...
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