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EspañolROBERT NARDELLI
'Robert L. Nardelli' (born May 17, 1948, in Old Forge, Pennsylvania) is the chairman and chief executive officer of Chrysler. He had earlier served in a similar capacity at The Home Depot from December 2000 to January 2007. Prior to that, Nardelli had rose to become one of the top four executives at General Electric.
He attended Rockford Auburn High School in Rockford, IL and received his Bachelor of Science in business from Western Illinois University and earned an MBA from University of Louisville.
He joined GE in 1971 as an entry-level manufacturing engineer. By 1995, he had risen to president and CEO of GE Power Systems, also having the title of GE senior vice president. Nardelli was often known as ''"Little Jack"'', after his mentor Jack Welch, whom Nardelli had ambitions to succeed as CEO of GE.
When Jack Welch retired as chairman and CEO of GE, a lengthy and well-publicized succession planning saga ensued. Nardelli competed with James McNerney and Jeff Immelt to succeed Welch. With Immelt winning the three-way race, Nardelli and McNerney left GE (as was Welch's plan). About 10 minutes after Welch let him go, Nardelli received a job offer from Ken Langone who at the time was on the boards of both GE and Home Depot.
Nardelli became CEO of The Home Depot in December 2000 despite having no retail experience. Using the "Six Sigma" management strategy from GE, he dramatically overhauled the company and replaced its freewheeling entrepreneurial culture. He changed the decentralized management structure, by eliminating and consolidating division executives. He also installed processes and streamlined operations, most notably implementing a computerized automated inventory system and centralizing supply orders at the Atlanta headquarters.
Nardelli was credited with doubling the sales of the chain and improving its competitive position. Revenue increased from $45.7 billion in 2000 to $81.5 billion in 2005, while profit rose from $2.6 billion to $5.8 billion. While this was a slower rate of growth than Home Depot had previously experienced (the company doubled in size every 4 years from 1979 to 2001), it must be noted that the high growth rates were largely due to rapid expansion. As the company was reaching its retail limit in the US, Nardelli shepherded the company's transition into a mature business.
Despite Nardellie's success, the company's stock was essentially steady, while competitor Lowe's stock doubled. Home Depot's market valuation declined 40 % during Nardelli's tenure
[1] The company's stagnating share price and his high compensation earned the ire of investors. Nardelli's management style also turned off employees and customers.
In 2006, questions about his leadership mounted, and Nardelli directed company's board to skip the company's annual meeting. Nardelli was the only director present, and only allowed each shareholder to speak for a minute. In January 2007, after Nardelli refused to have his compensation linked to the company's share price, he departed by mutual agreement with the board. [2]. His severance package was estimated at $210 million. He was succeeded by company vice chairman and executive vice president Frank Blake. Blake had served as Nardelli's deputy at both GE Power Systems and Home Depot.
During his tenure at The Home Depot, Nardelli met President Bush at the White House in 2002 and was appointed to Bush's Council on Service and Civic Participation (although he is no longer a member)[3]. Nardelli also hosted a garden reception/fundraiser for Bush at his Atlanta home on May 20, 2004[4]
Nardelli was also briefly on the Board of Directors for Coca Cola starting in 2001.
On August 5, 2007, he became chairman and CEO of the newly privatized Chrysler. His current annual salary at Chrysler is $1, with other compensation not being disclosed. [5]
★ Business Week profile
★ MSNBC Out at Home Depot
★ Seeing red over a golden parachute
★ Biography
★ Reference
1.
★ Nardelli's downfall: It's all about the stock
2.
★ Robert Nardelli - The New York Times
3.
★ Nardelli-Bush article that mentions Presidential Council
4.
★ article that mentions Bush Nardelli Garden Reception.
5.
★ Financial Times story Nardelli's about salary
He attended Rockford Auburn High School in Rockford, IL and received his Bachelor of Science in business from Western Illinois University and earned an MBA from University of Louisville.
He joined GE in 1971 as an entry-level manufacturing engineer. By 1995, he had risen to president and CEO of GE Power Systems, also having the title of GE senior vice president. Nardelli was often known as ''"Little Jack"'', after his mentor Jack Welch, whom Nardelli had ambitions to succeed as CEO of GE.
When Jack Welch retired as chairman and CEO of GE, a lengthy and well-publicized succession planning saga ensued. Nardelli competed with James McNerney and Jeff Immelt to succeed Welch. With Immelt winning the three-way race, Nardelli and McNerney left GE (as was Welch's plan). About 10 minutes after Welch let him go, Nardelli received a job offer from Ken Langone who at the time was on the boards of both GE and Home Depot.
Nardelli became CEO of The Home Depot in December 2000 despite having no retail experience. Using the "Six Sigma" management strategy from GE, he dramatically overhauled the company and replaced its freewheeling entrepreneurial culture. He changed the decentralized management structure, by eliminating and consolidating division executives. He also installed processes and streamlined operations, most notably implementing a computerized automated inventory system and centralizing supply orders at the Atlanta headquarters.
Nardelli was credited with doubling the sales of the chain and improving its competitive position. Revenue increased from $45.7 billion in 2000 to $81.5 billion in 2005, while profit rose from $2.6 billion to $5.8 billion. While this was a slower rate of growth than Home Depot had previously experienced (the company doubled in size every 4 years from 1979 to 2001), it must be noted that the high growth rates were largely due to rapid expansion. As the company was reaching its retail limit in the US, Nardelli shepherded the company's transition into a mature business.
Despite Nardellie's success, the company's stock was essentially steady, while competitor Lowe's stock doubled. Home Depot's market valuation declined 40 % during Nardelli's tenure
[1] The company's stagnating share price and his high compensation earned the ire of investors. Nardelli's management style also turned off employees and customers.
In 2006, questions about his leadership mounted, and Nardelli directed company's board to skip the company's annual meeting. Nardelli was the only director present, and only allowed each shareholder to speak for a minute. In January 2007, after Nardelli refused to have his compensation linked to the company's share price, he departed by mutual agreement with the board. [2]. His severance package was estimated at $210 million. He was succeeded by company vice chairman and executive vice president Frank Blake. Blake had served as Nardelli's deputy at both GE Power Systems and Home Depot.
During his tenure at The Home Depot, Nardelli met President Bush at the White House in 2002 and was appointed to Bush's Council on Service and Civic Participation (although he is no longer a member)[3]. Nardelli also hosted a garden reception/fundraiser for Bush at his Atlanta home on May 20, 2004[4]
Nardelli was also briefly on the Board of Directors for Coca Cola starting in 2001.
On August 5, 2007, he became chairman and CEO of the newly privatized Chrysler. His current annual salary at Chrysler is $1, with other compensation not being disclosed. [5]
| Contents |
| See Also |
| References |
See Also
★ Business Week profile
★ MSNBC Out at Home Depot
★ Seeing red over a golden parachute
★ Biography
★ Reference
References
1.
★ Nardelli's downfall: It's all about the stock
2.
★ Robert Nardelli - The New York Times
3.
★ Nardelli-Bush article that mentions Presidential Council
4.
★ article that mentions Bush Nardelli Garden Reception.
5.
★ Financial Times story Nardelli's about salary
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