Bob Nardelli, who resigned as Home Depot’s CEO yesterday, is entitled to receive US$32 million dollars in retirement benefits.
He will also get a cash severance payment of $20 million, the acceleration of unvested deferred stock awards and options valued at $84 million, vested deferred shares of $44 million, earned bonuses and long-term incentive awards of $9 million, 401(k)payouts of $2 million, and the payment of $18 million for other entitlements under his contract.
His total severance package is worth approximately $210 million.
Nardelli’s severance was announced just a few weeks after Pfizer revealed how much its former chairman and CEO received.
The Laborers’ Union called on Home Depot Inc. to adopt a proposal filed by its Massachusetts Laborers Pension Fund requiring that the board get shareholder approval for extraordinary retirement benefits.
In its proposal to Home Depot, the fund calls for a cap on the amount that can be offered to executives in supplemental retirement plans and for bonus pay to be excluded in calculations on how much an executive is due.
To read the story on the severance package Pfizer’s former chair and CEO received, click here.
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